Metaverse platform The Sandbox is undergoing a sweeping restructuring that will see more than half of its roughly 250 employees laid off, according to a report from French crypto outlet The Big Whale.

The move comes alongside a leadership shake-up in which co-founders Arthur Madrid and Sebastien Borget have been sidelined from executive roles. Their responsibilities are now being overseen by Yat Siu, CEO of Animoca Brands, The Sandbox’s majority shareholder.

The restructuring reportedly includes closing offices in Argentina, Uruguay, South Korea, Thailand, and Turkey, with the company’s base in Lyon also expected to shutter.

The measures highlight the platform’s struggle to translate years of investment into sustained user engagement. Despite raising $300 million over the past eight yea

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