DEPART

Summary from the TLDR Crypto newsletter

Several executives, including CFO Jonathan Hugh, have left crypto market maker GSR as the firm has begun to scale back its crypto operations. GSR claims its retreat has mostly been due to an intense bear market and heavy regulatory scrutiny on the industry. It has been one of the main market makers in crypto since 2013, but it expanded rapidly during the latest bull market, growing its headcount to over 300 and bringing in executives from Wall Street. Sources familiar with the matter seem to imply that GSR’s pullback can be attributed to bringing these executives in at the height of the market, incurring significant costs, and being out of touch with the crypto industry.