Bullish, the new owner of CoinDesk, has initiated a major restructuring that includes replacing CEO Kevin Worth. 

Sara Stratoberdha, the former head of business development of Bullish, will take Worth’s place as the new CEO of the media platform. 

“CoinDesk will operate as an independent subsidiary of Bullish and Sara is committed to maintaining CoinDesk’s journalistic independence and integrity, CoinDesk said. 

Bullish acquired CoinDesk in November after Digital Currency Group (DCG), the outlet’s former owner, entered financial woes due to the contagion effects of the FTX fiasco.  

In January 2023, the cryptocurrency conglomerate pulled the plug on its wealth division while its lending unit, Genesis Global, filed for Chapter 11 bankruptcy protection. 

On Friday, New York Attorney General Letitia James expanded her fraud lawsuit against DCG, now attributing investor losses of up to US$3 billion to the firm. In the initial legal action, the Attorney General’s office had accused DCG and its bankrupt lending platform of engaging in fraudulent activities amounting to US$1 billion.