Developers Finally Release Statement Regarding Rumors of Major Altcoin Shutting Down

The developers of the Ethereum-based metaverse game The Sandbox (SAND) have responded to the recent claims that the “founding partners have been dismissed” and “the company is downsizing.”

According to cryptocurrency media reports, The Sandbox co-founders Arthur Madrid and Sébastien Borget have been moved from their management roles to other positions. It was also reported that Robby Yung, CEO of parent company Animoca Brands, was appointed as The Sandbox's new CEO two weeks ago. The allegations also claimed that more than half of the company's 250-person staff had been laid off and five or six offices had been closed.

The Sandbox team, in its official statement, emphasized that the news reports contained “inaccurate and out-of-context statements.” The statement included the following:

• The co-founders' roles: Arthur Madrid is now the CEO of The Sandbox, and Sébastien Borget is the global ambassador. Borget will continue to represent the platform globally.
• New CEO: Robby Yung, CEO of investments at Animoca Brands, has been appointed as the new CEO of The Sandbox. Yung has been closely involved with the project since the Animoca-Sandbox merger in 2018.
• Structural changes: The company has shifted to a more “efficient and agile” team structure, focusing on AI-powered game development and operations. As a result, some locations have been closed. However, developers have stated that most of the reportedly closed offices are actually small-scale spaces run by one to three freelancers. The Sandbox still maintains an official presence in nine different locations.
• Future plans: The Sandbox and Animoca Brands maintained that they will remain committed to their mission of empowering content creators and that there will be no changes to the SAND, LAND, and NFT ecosystems. The statement said, “The Sandbox is not closing; we remain fully committed to the project.”

The developers maintained that, contrary to speculation, The Sandbox has not deviated from its core goals and that efforts to grow the ecosystem are ongoing.

*This is not investment advice.