TL;DR: According to memorandums, CoinDesk Editor-in-Chief Pete Rizzo has been let go in favor of Michael Casey. The shakeup comes days after the cryptocurrency news site announced it would move offices into the same building as its parent company, Digital Currency Group (DCG), causing some to question the future of journalistic independence for the outlet. Rizzo’s removal also happened in the wake of hoax one of its journalists fell for, which resulted in a public apology and rare story retraction.

CoinDesk Shakeup

Interestingly, CoinDesk arch competitor, The Block, broke Rizzo’s departure. The two previously traded notorious barbs on social media, culminating in April’s brutal back-back-and forth between the likes of Rizzo and The Block’s CEO. Clearly there is no love lost between outlets. And so it was eyebrow-raising CoinDesk’s sworn enemy would get “sources close to the matter” on such a juicy development as the long-time Editor suddenly leaving or being shown the door. It’s worth noting too The Block’s story is unsigned, essentially authorless.

Also of interest is how John Biggs, The Block’s first Editor-in-Chief, also suddenly left, but for CoinDesk, not too long after that April row. Biggs was an early guest on the CoinSpice Podcast, and was the first to publicly discuss The Block’s move toward paywalled content. Biggs was clearly a part of The Block’s longer-term plans at that point. His leaving was certainly a slap, considering his new gig, and probably served to only heighten tensions between the two.

Nevertheless, news of Rizzo leaving caused a gush of lauds from current staff and industry associates. Messari’s Ryan Selkis noted Rizzo was “the last remaining member of the original CoinDesk team,” further stressing it was a sad “day for CoinDesk and independent crypto journalism. @pete_rizzo_ is an amazing, passionate journalist who worked his ass off building the industry’s juggernaut for six years despite FOUR (maybe 5?) CEO changes.”

Casey-Era to Begin

Augur’s Jeremy Gardner teased, “I don’t know if there’s anyone in crypto I’ve persistently annoyed more than @pete_rizzo_, yet he’s always been incredibly respectful and patient. CoinDesk has lost an incredible asset.” Marc Hochstein, who will take over day-to-day duties at CoinDesk until the end of October, waxed poetic, ending, I learned a ton working for him. We’re all bummed to see him go. So everybody raise a toast. To the rock named

@pete_rizzo_.”

Replacing Rizzo is Michael Casey, best known for his work with Paul Vigna on popular books such as, The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order (2016) and The Truth Machine: The Blockchain and the Future of Everything (2018). Casey spent many years as a Wall Street Journal columnist, and occasionally has written for CoinDesk. He’s been on the company’s advisory board and also was an advisor to the Digital Currency Initiative at MIT Media Lab.

Rizzo grew out of the cryptocurrency movement, while Casey is much more legacy oriented. That might signal to Digital Currency Group investors a needed change in Editorial leadership toward an institutional finance-friendlier stance for CoinDesk, going forward. It’s hard to tell, but two recent events seem to have pushed Rizzo’s ouster with more immediacy.

A Critical Step for the Sustained Growth of DCG and CoinDesk

Around the middle of September, rumors began surfacing CoinDesk’s offices were to be moved into the same building as its parent company, Digital Currency Group (DCG). CEO Barry Silbert explained, “We are committed to investing significant resources into CoinDesk so that we can retain our talent, hire new voices, build great new products, continue to host high-end conferences and continue to produce the best journalism in the industry. But there should be no doubt in anyone’s minds about our view on supporting an influential, truly independent newsroom.” He later stressed, “I absolutely believe having CoinDesk in the same building is a critical step for the sustained growth of DCG and CoinDesk.”

Rizzo apparently balked at the idea or at least expressed concern, according to various sources. In the crypto world, journalism standards are often left wanting, as too many outlets are mere press release factories. CoinDesk was often criticized for being under the thumb of DCG due to its focus as a venture capital company within the same industry. And, indeed, it can be hard to know where one starts and the other begins. With offices in same building, that distinction becomes less clear.

Perhaps the final straw in Rizzo’s tenure was the publication of an article alleging the embattled CEO of KIK was at wit’s end. Apparently, a CoinDesk reporter was duped into thinking the KIK CEO made statements disparaging his own company and its ongoing fight with the Securities and Exchange Commission. While CoinDesk did fess up to the lax checking of sources, the mea culpa’s headline read, “CoinDesk Victim of Hoax in Which Fake Kik CEO Claimed to Quit,” in which the word “victim” might’ve been poorly chosen. A day later, news broke Rizzo was out.

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DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.