The Sandbox, a metaverse platform, is restructuring significantly, laying off over 50% of its 250 employees due to a decline in user engagement. This move coincides with a leadership change where co-founders Arthur Madrid and Sebastien Borget have been replaced by Yat Siu, the CEO of Animoca Brands, which is now in direct control of the company. The restructuring will involve closing offices in various countries including Argentina, South Korea, and Turkey, highlighting challenges in converting substantial investments into sustained user activity. The native token, SAND, has seen a drastic drop of nearly 90% from its peak, affecting the project's market cap which has fallen from $6.2 billion to about $700 million. Amid these changes, the future of the company’s crypto treasury, estimated between $100 million and $300 million, poses a significant concern as management seeks to revitalize the platform.

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