Jun 15, 2022 - Economy & Business

Crypto execs cut their own pay as layoffs mount

Illustration of a desk nameplate with dollar signs on it disappearing and re-appearing
Illustration: Sarah Grillo/Axios

The founders of major crypto lender BlockFi, Zac Prince and Flori Marquez, took pay cuts amidst broader cutbacks at the company that included laying off 20% of its staff, a spokesperson confirms for Axios.

Why it matters: Talks about salaries at the highest echelons of crypto leadership have bubbled up amid layoff announcements.

What's driving the news: BlockFi announced Monday that it would be reducing headcount, citing "market conditions that have had a negative impact on our growth rate" in a message from its founders.

  • Since the first quarter of this year, the BlockFi team has been working on "reducing marketing spend, eliminating non-critical vendors, reducing executive compensation, slowing headcount growth," they said.
  • The cofounders of BlockFi otherwise declined Axios' invitation to sit down for an interview regarding the company's announced layoffs on Monday.

What they're saying: "The BlockFi executive team — including the founders, Zac Prince and Flori Marquez — did take a reduction in compensation," Madelyn McHugh, a spokesperson for BlockFi said in an emailed statement to Axios.

  • "This decision was made in part of a larger employee retention strategy in light of current market conditions."

What others are saying: One enterprising Twitter user responded to Prince's layoff announcement with "one year such a difference," and resurfaced a March 2021 tweet in which Prince said the firm was hiring.

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