Industry News
Dec 26, 2024
Industry News
Industry News
Bullish Fires CoinDesk Editors After Controversial Coverage on Crypto Billionaire Justin Sun
CoinDesk ownership Bullish reportedly dismissed three editors following a newsroom controversy.
The drama started when Bullish asked the editorial team to retract an article that portrayed Tron founder Justin Sun in an “inappropriate tone.”
Other journalists at the publication wrote a letter to Bullish leadership to protest the company’s seemingly biased influence over news coverage.
CoinDesk’s parent company, Bullish, allegedly dismissed three editorial staffers on Friday, barely a day after reports emerged that the crypto news outlet was forced to pull down a feature story covering Tron founder Justin Sun’s controversial $6 million acquisition of conceptual artwork made of a banana and duct tape at auction.
On December 19, Fortune reported that the flamboyant Tron founder, through his team, “pushed” CoinDesk’s new owners to remove the article, citing that its tone was “inappropriate.” The article highlighted Sun’s “absurdity” while reflecting on his legal run-ins with regulators, including the U.S. Securities and Exchange Commission (SEC), which brought fraud charges against the crypto mogul in March last year.
According to the report, Bullish complied and pulled down the story without issuing a retraction notice, raising concerns about CoinDesk’s editorial independence post-2023 acquisition. Bullish bought the crypto publication for $75 million after former ownership, Digital Currency Group (DCG), got embroiled in bankruptcy proceedings.
The Newsroom Controversy at Crypto’s Top Publication
Founded by entrepreneur Shakil Khan in 2013, CoinDesk is among the longest-running crypto publications known for its award-winning scoops, including an exclusive 2022 report exposing the massive fraud at Sam Bankman-Fried’s fallen exchange, FTX.
According to insider sources, while the publication has guarded this reputation for years, recent events threaten to erode its trust and integrity amid the need for unbiased news in a relatively nascent and fast-moving industry.
One of the reports covering the development noted that Bullish's move to retract Justin Sun’s article was met with skepticism and outrage, which caused Matt Murray, a former Wall Street Journal editor who chaired CoinDesk’s editorial committee, to resign.
Murray’s resignation was reportedly followed by the dismissal of Kevin Reynolds, the publication’s editor-in-chief, along with deputy editors Marc Hochstein and Nick Baker, who were all emailed about their termination.
Although the two have yet to comment on the development officially, the remaining editorial team members quickly sprang into action, writing a letter to Bullish leadership to express their discontent about the company’s increasing influence over newsroom decisions.
“The decision to retract this article was outrageous, crossing every ethical line that we’re taught to observe as journalists. It showed blatant disregard for CoinDesk’s editorial independence and for our profession.” The employees wrote. “If this got out to other media, it would, rightfully, become its own news story, risking the reputation of CoinDesk, Bullish, Block.one and our journalists.”
CoinDesk’s editorial team raised several other concerns about the publication’s relationship with its owner.
More Concerns About Ties with Bullish
According to the alleged letter, CoinDesk staff has expressed dissatisfaction about being turned into cheerleaders for Bullish and the Consensus conference series, the publication’s eight-year-old annual event that seeks to expand to a bi-yearly cadence.
The journalists complained that their initial employment contracts contained a dubious clause that sought to bar them from covering Bullish, its clients, and investments. Per the employees, this clause was only deleted after they raised concerns.
“Bullish no longer seems interested in operating CoinDesk as a real newsroom,” the journalists added. “Instead, it feels we are being kept in stasis until your IPO, after which point we will be hung out to dry or repurposed as a thinly-veiled marketing arm for Bullish and the broader crypto industry.”
Per the staffers, Bullish has also limited their “ability” to publish opinion articles to avoid “offending industry leaders,” further highlighting the delicate balance media outlets must strike while covering the crypto industry, where trust and integrity are the pillars of credibility.
The developments drew criticism on X, with known crypto personalities, such as ZachXBT, distancing themselves from the crypto publication, which recently honored him as an influential industry figure. “Also please take me out of Coindesk Most Influential 2024 bc I want no part of it,” ZachXBT wrote in a post.
While CoinDesk has yet to share its position on the matter, CEO Sara Stratoberdha reportedly defended the recent layoffs as a move to bolster the company’s productivity. She reiterated the publication’s commitment to stringent journalistic standards.
Meanwhile, Justin Sun-linked firm BiT Global risks a sanction by Coinbase after it brought a spurious lawsuit against the exchange, seeking a temporary restraining order to prevent Coinbase from delisting wrapped Bitcoin (BTC).
Coinbase decided to delist wBTC in November after the token’s former custodian, BitGo, tapped BiT Global to help oversee the $14 billion asset. In its court submission, the exchange accused Sun of facing “repeated” allegations of “financial misconduct,” ultimately convincing U.S. District Judge Araceli Martínez-Olguín to deny BiT Global’s bid for a temporary restraining order.
CoinDesk ownership Bullish reportedly dismissed three editors following a newsroom controversy.
The drama started when Bullish asked the editorial team to retract an article that portrayed Tron founder Justin Sun in an “inappropriate tone.”
Other journalists at the publication wrote a letter to Bullish leadership to protest the company’s seemingly biased influence over news coverage.
CoinDesk’s parent company, Bullish, allegedly dismissed three editorial staffers on Friday, barely a day after reports emerged that the crypto news outlet was forced to pull down a feature story covering Tron founder Justin Sun’s controversial $6 million acquisition of conceptual artwork made of a banana and duct tape at auction.
On December 19, Fortune reported that the flamboyant Tron founder, through his team, “pushed” CoinDesk’s new owners to remove the article, citing that its tone was “inappropriate.” The article highlighted Sun’s “absurdity” while reflecting on his legal run-ins with regulators, including the U.S. Securities and Exchange Commission (SEC), which brought fraud charges against the crypto mogul in March last year.
According to the report, Bullish complied and pulled down the story without issuing a retraction notice, raising concerns about CoinDesk’s editorial independence post-2023 acquisition. Bullish bought the crypto publication for $75 million after former ownership, Digital Currency Group (DCG), got embroiled in bankruptcy proceedings.
The Newsroom Controversy at Crypto’s Top Publication
Founded by entrepreneur Shakil Khan in 2013, CoinDesk is among the longest-running crypto publications known for its award-winning scoops, including an exclusive 2022 report exposing the massive fraud at Sam Bankman-Fried’s fallen exchange, FTX.
According to insider sources, while the publication has guarded this reputation for years, recent events threaten to erode its trust and integrity amid the need for unbiased news in a relatively nascent and fast-moving industry.
One of the reports covering the development noted that Bullish's move to retract Justin Sun’s article was met with skepticism and outrage, which caused Matt Murray, a former Wall Street Journal editor who chaired CoinDesk’s editorial committee, to resign.
Murray’s resignation was reportedly followed by the dismissal of Kevin Reynolds, the publication’s editor-in-chief, along with deputy editors Marc Hochstein and Nick Baker, who were all emailed about their termination.
Although the two have yet to comment on the development officially, the remaining editorial team members quickly sprang into action, writing a letter to Bullish leadership to express their discontent about the company’s increasing influence over newsroom decisions.
“The decision to retract this article was outrageous, crossing every ethical line that we’re taught to observe as journalists. It showed blatant disregard for CoinDesk’s editorial independence and for our profession.” The employees wrote. “If this got out to other media, it would, rightfully, become its own news story, risking the reputation of CoinDesk, Bullish, Block.one and our journalists.”
CoinDesk’s editorial team raised several other concerns about the publication’s relationship with its owner.
More Concerns About Ties with Bullish
According to the alleged letter, CoinDesk staff has expressed dissatisfaction about being turned into cheerleaders for Bullish and the Consensus conference series, the publication’s eight-year-old annual event that seeks to expand to a bi-yearly cadence.
The journalists complained that their initial employment contracts contained a dubious clause that sought to bar them from covering Bullish, its clients, and investments. Per the employees, this clause was only deleted after they raised concerns.
“Bullish no longer seems interested in operating CoinDesk as a real newsroom,” the journalists added. “Instead, it feels we are being kept in stasis until your IPO, after which point we will be hung out to dry or repurposed as a thinly-veiled marketing arm for Bullish and the broader crypto industry.”
Per the staffers, Bullish has also limited their “ability” to publish opinion articles to avoid “offending industry leaders,” further highlighting the delicate balance media outlets must strike while covering the crypto industry, where trust and integrity are the pillars of credibility.
The developments drew criticism on X, with known crypto personalities, such as ZachXBT, distancing themselves from the crypto publication, which recently honored him as an influential industry figure. “Also please take me out of Coindesk Most Influential 2024 bc I want no part of it,” ZachXBT wrote in a post.
While CoinDesk has yet to share its position on the matter, CEO Sara Stratoberdha reportedly defended the recent layoffs as a move to bolster the company’s productivity. She reiterated the publication’s commitment to stringent journalistic standards.
Meanwhile, Justin Sun-linked firm BiT Global risks a sanction by Coinbase after it brought a spurious lawsuit against the exchange, seeking a temporary restraining order to prevent Coinbase from delisting wrapped Bitcoin (BTC).
Coinbase decided to delist wBTC in November after the token’s former custodian, BitGo, tapped BiT Global to help oversee the $14 billion asset. In its court submission, the exchange accused Sun of facing “repeated” allegations of “financial misconduct,” ultimately convincing U.S. District Judge Araceli Martínez-Olguín to deny BiT Global’s bid for a temporary restraining order.
CoinDesk ownership Bullish reportedly dismissed three editors following a newsroom controversy.
The drama started when Bullish asked the editorial team to retract an article that portrayed Tron founder Justin Sun in an “inappropriate tone.”
Other journalists at the publication wrote a letter to Bullish leadership to protest the company’s seemingly biased influence over news coverage.
CoinDesk’s parent company, Bullish, allegedly dismissed three editorial staffers on Friday, barely a day after reports emerged that the crypto news outlet was forced to pull down a feature story covering Tron founder Justin Sun’s controversial $6 million acquisition of conceptual artwork made of a banana and duct tape at auction.
On December 19, Fortune reported that the flamboyant Tron founder, through his team, “pushed” CoinDesk’s new owners to remove the article, citing that its tone was “inappropriate.” The article highlighted Sun’s “absurdity” while reflecting on his legal run-ins with regulators, including the U.S. Securities and Exchange Commission (SEC), which brought fraud charges against the crypto mogul in March last year.
According to the report, Bullish complied and pulled down the story without issuing a retraction notice, raising concerns about CoinDesk’s editorial independence post-2023 acquisition. Bullish bought the crypto publication for $75 million after former ownership, Digital Currency Group (DCG), got embroiled in bankruptcy proceedings.
The Newsroom Controversy at Crypto’s Top Publication
Founded by entrepreneur Shakil Khan in 2013, CoinDesk is among the longest-running crypto publications known for its award-winning scoops, including an exclusive 2022 report exposing the massive fraud at Sam Bankman-Fried’s fallen exchange, FTX.
According to insider sources, while the publication has guarded this reputation for years, recent events threaten to erode its trust and integrity amid the need for unbiased news in a relatively nascent and fast-moving industry.
One of the reports covering the development noted that Bullish's move to retract Justin Sun’s article was met with skepticism and outrage, which caused Matt Murray, a former Wall Street Journal editor who chaired CoinDesk’s editorial committee, to resign.
Murray’s resignation was reportedly followed by the dismissal of Kevin Reynolds, the publication’s editor-in-chief, along with deputy editors Marc Hochstein and Nick Baker, who were all emailed about their termination.
Although the two have yet to comment on the development officially, the remaining editorial team members quickly sprang into action, writing a letter to Bullish leadership to express their discontent about the company’s increasing influence over newsroom decisions.
“The decision to retract this article was outrageous, crossing every ethical line that we’re taught to observe as journalists. It showed blatant disregard for CoinDesk’s editorial independence and for our profession.” The employees wrote. “If this got out to other media, it would, rightfully, become its own news story, risking the reputation of CoinDesk, Bullish, Block.one and our journalists.”
CoinDesk’s editorial team raised several other concerns about the publication’s relationship with its owner.
More Concerns About Ties with Bullish
According to the alleged letter, CoinDesk staff has expressed dissatisfaction about being turned into cheerleaders for Bullish and the Consensus conference series, the publication’s eight-year-old annual event that seeks to expand to a bi-yearly cadence.
The journalists complained that their initial employment contracts contained a dubious clause that sought to bar them from covering Bullish, its clients, and investments. Per the employees, this clause was only deleted after they raised concerns.
“Bullish no longer seems interested in operating CoinDesk as a real newsroom,” the journalists added. “Instead, it feels we are being kept in stasis until your IPO, after which point we will be hung out to dry or repurposed as a thinly-veiled marketing arm for Bullish and the broader crypto industry.”
Per the staffers, Bullish has also limited their “ability” to publish opinion articles to avoid “offending industry leaders,” further highlighting the delicate balance media outlets must strike while covering the crypto industry, where trust and integrity are the pillars of credibility.
The developments drew criticism on X, with known crypto personalities, such as ZachXBT, distancing themselves from the crypto publication, which recently honored him as an influential industry figure. “Also please take me out of Coindesk Most Influential 2024 bc I want no part of it,” ZachXBT wrote in a post.
While CoinDesk has yet to share its position on the matter, CEO Sara Stratoberdha reportedly defended the recent layoffs as a move to bolster the company’s productivity. She reiterated the publication’s commitment to stringent journalistic standards.
Meanwhile, Justin Sun-linked firm BiT Global risks a sanction by Coinbase after it brought a spurious lawsuit against the exchange, seeking a temporary restraining order to prevent Coinbase from delisting wrapped Bitcoin (BTC).
Coinbase decided to delist wBTC in November after the token’s former custodian, BitGo, tapped BiT Global to help oversee the $14 billion asset. In its court submission, the exchange accused Sun of facing “repeated” allegations of “financial misconduct,” ultimately convincing U.S. District Judge Araceli Martínez-Olguín to deny BiT Global’s bid for a temporary restraining order.
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