Bitget’s L2 blockchain, Morph, faces significant internal dysfunction, including leadership conflicts, extravagant spending, and a lack of direction. Co-founders Azeem Khan and Cecilia Hsueh initially fueled hope for Morph’s potential as a rival to Coinbase’s Base, but conflicts emerged. After raising $20 million, employees raised concerns over a supposed ‘ghost founder’ dynamic, where decision-making power lay with Forest Bai of Foresight Ventures rather than with their designated leaders. Spending included extravagant events featuring K-pop band tripleS, but the company struggled to align these expenditures with business goals. Morph has also faced high employee turnover and difficulties in retaining talent, compounded by unclear management structures. Although Hsueh remains CEO, her influence seems to have diminished, and future funding rounds remain uncertain. Despite ongoing challenges, Morph is still set to launch its token by year’s end, backed by Bitget, which has experience in navigating complex trading environments. These conflicts expose the vulnerabilities of rapidly funded crypto projects, highlighting the necessity for strong leadership and strategic alignment.

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