Overview

• The Big Whale’s reporting, echoed by multiple crypto outlets, says more than half of The Sandbox’s roughly 250 employees are being laid off and offices in Argentina, Uruguay, South Korea, Thailand, Turkey, and Lyon are closing.
• Co-founders Arthur Madrid and Sébastien Borget are described as stepping back from day-to-day roles, with oversight shifting to Animoca leadership, though accounts differ on whether Yat Siu or Robby Yung is running operations.
• Coverage says the company is moving away from metaverse development and is reportedly planning a meme-coin launchpad on Base, a shift that has not been formally detailed by The Sandbox.
• SAND has fallen about 97% from its 2021 peak to roughly $0.28, and daily active users are reported in the low hundreds, with some sources alleging bot activity.
• Reports highlight unresolved governance over a crypto treasury estimated between $100 million and $300 million, with a potential token-holder vote floated but low recent participation noted.