- The company has left, including CFO Jonathan Hugh.
- The firm confirmed the exodus but denied rumors of a restructuring.
Cryptocurrency marketmaker GSR has lost some members of top management, including CFO Jonathan Hugh. This was reported by The Block, citing its sources.
The publication said at least seven people have quit the company. This took place in the spring of 2023.
The following are among them:
- CFO Jonathan Hugh;
- global head of product Benoit Bosc;
- director of trading operations Aman Bhalla;
- head of quantitative trading Romain Bernard;
- director of business development Jeff Stern;
- head of DeFi Jack Dwyer;
- trader Quentin Dubois.
In comments to the publication, a company spokesperson explained the situation this way:
“Our business operations and strategy naturally change to respond to current market conditions, but there has been no restructuring.”
The company confirmed the departure of some executives. Bosk and Bhalla will remain in their positions through the end of August.
The publication also took comments from former GSR employees. Those agree that the firm started growing too early, so it’s still weathering the effects of the cryptozyme.
GSR cut some staff in the fall of 2022. The company attributed its decision to challenging market conditions and cost optimization.
January 2023 set an anti-record for layoffs in the industry. In total, more than 2,900 people were affected by the layoffs. But already in February the situation stabilized.