Crypto media company Bankless is facing criticism online after reports surfaced that the company quietly laid off much of its staff without making a formal public announcement.
The controversy began after an X user claimed that Bankless, one of the most recognized media brands in the crypto space, had significantly downsized its operations behind the scenes. The post described the company as a major player in crypto media that spent six years building a massive audience through podcasts, newsletters, YouTube content, and a venture fund.
The X post stated, “Bankless is one of the biggest media brands in crypto. 1,100+ episodes over six years. Co-founded by Ryan Sean Adams and David Hoffman. They built a podcast, a newsletter, a YouTube channel, and raised a $35 million venture fund. The brand was built on transparency and community.”
The post further alleged that most of the company’s staff had been let go quietly.
“This week they quietly laid off the majority of their team. No public announcement. No post acknowledging the people who helped build it. A former employee had to break the news himself,” the post claimed.
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It also pointed to leadership changes inside the company, saying co-founder Ryan Sean Adams was stepping back while David Hoffman would take over content operations.
“Ryan is stepping into what he calls a ‘passive role.’ David takes over content. The writers, producers, editors, and operations staff that turned a two-person podcast into a full media company appear to be gone,” the post added.
On one hand, after the backlash began spreading online, while Adams wrote a post himself on X. In his post, he confirmed that layoffs had taken place and acknowledged a major restructuring within the company.
“- we laid off a portion of our team and slimmed down to a smaller core
- i’m stepping into passive mode and @TrustlessState is now leading team and content (though I’ll keep doing our weekly rollup)
- i expect David will expand content beyond our previous 6 years of strong ethereum focus, but he’ll figure it out as he goes
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I need to touch grass, David has energy for a second era, crypto and media have changed and Bankless needed to adapt
I’m still bullish ETH, though I think the window of success is now slimmer than it once was”
The comments quickly triggered debate across the crypto community, with several users criticizing the company for not publicly addressing the layoffs sooner, especially given Bankless’ long-standing image of openness and community-driven growth.
The development marks a significant transition for Bankless, which grew from a niche Ethereum-focused podcast into one of the most influential crypto media platforms during the last bull market cycle. Now, with leadership changes, layoffs, and a possible shift in editorial direction, many in the crypto industry are questioning what the next chapter of Bankless will look like.