The Sandbox Lays Off Over Half of Employees Amid Restructuring
The Sandbox is restructuring, laying off over half of its approximately 250 employees. Key changes include:
- Co-founders Arthur Madrid and Sebastien Borget have been removed from executive roles, with Yat Siu of Animoca Brands taking over.
- Offices in Argentina, Uruguay, South Korea, Thailand, and Turkey will close, along with the base in Lyon.
- The platform has struggled with user engagement, seeing daily active users drop to a few hundred, primarily bots.
- The native token SAND's market cap fell from $6.2 billion in 2021 to around $700 million after a 90% decline.
- The crypto treasury, valued between $100 million and $300 million, may face governance votes, though participation has been low.
The Sandbox did not comment on the situation.