Eight employees, including two investment partners, have left the crypto-focused venture firm Paradigm since last October, per The Information.
Employees have walked out of the firm ever since it marked down its entire $278M investment into fallen crypto exchange FTX. The majority of the resignations have been in the investment and engineering divisions.
- Former Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang founded the venture firm in 2018.
- Ehrsam and Huang are two of the four remaining partners in the firm. The other two are Charlie Noyes and Dan Robinson, both of whom were promoted to the role earlier this month.
- Recent departures include Casey Caruso, a former Bessemer Venture Partners executive, and Matthew Mizbani, a former Coatue Management executive.
- In November 2021, the firm closed its largest-ever fund with $2.5B in capital commitments from limited partners.
- The firm also incurred losses after participating in BlockFi's $350M Series D round.
- BlockFi filed for bankruptcy shortly after FTX.
