CoinDesk Collapses: A Gang of Crooks and Incompetents Murder the Most Trusted News Outlet in Cryptocurrency

CoinDesk has saved readers and the industry millions upon millions of dollars, most notably by helping to expose, bring down, and hold to account figures of the 2021-2022 scam wave including Do Kwon (for whom I personally take some credit) and Sam Bankman-Fried.

CoinDesk, a major cryptocurrency news outlet, has fired three key newsroom leaders, prompting outrage and concern over the outlet's future.

According to Fortune, CoinDesk fired Nick Baker, Marc Hochstein, and Kevin Reynolds on Monday. Baker led the reporting that exposed and ultimately led to the downfall of FTX and its former CEO, Sam Bankman-Fried. Hochstein oversaw the opinion and magazine section, while Reynolds was the editor in chief.

The firings were reportedly related to an attempt by CoinDesk and Bullish executives to misdirect attention from editorial interference. Specifically, they pulled a story about Justin Sun eating a banana, which was reportedly ordered by Bullish CEO Tom Farley. According to a letter from staff leaked to The Block, Bullish has been interfering with editorial decisions for some time, particularly by blocking the team's ability to publish op-eds.

CoinDesk was sold to Bullish in 2023 for $75 million, and the outlet's editorial independence has been a subject of concern ever since. Bullish is a spot crypto exchange that ranks 92nd in global volume and is only able to operate because of the massive war chest raised in the 2017 Initial Coin Offering for EOS, a would-be Ethereum competitor that never meaningfully got off the ground. Both Larimer and the shell company Block.One abandoned EOS and the funds within just a few years.

Despite the SEC's decision, EOS was essentially shut down in 2021, and Block.One's executives moved on to other ventures. Meanwhile, the funds raised in the offering were used to set up Bullish, which began operating in 2024. Block.One's executives, including cofounder Brock Pierce, also joined Bullish.

Bullish is led by Farley, a former president of the New York Stock Exchange, and CFO David Bonanno. Bonanno joined Bullish from Block.One, where he was also CFO.

If you are in a position to hire Marc Hochstein, Nick Baker, or Kevin Reynolds, you won’t find anyone better in an editorial role. If you’re looking for private communications and strategy help and desire to spite the killers of CoinDesk, you can reach me on Twitter.