Vitalik Buterin says Ethereum Foundation will cut budget 40% in major reset

Ethereum's co-founder Vitalik Buterin announced a 40% budget cut for the Ethereum Foundation, following a 20% reduction in staff and the resignation of co-Executive Director Hsiao-Wei Wang, bringing the total senior departures since January to nine. This move signals a major restructuring that underscores the organization's internal challenges. The budget cut and staff reductions aim to streamline operations and focus on core projects, indicating a shift in priorities amid ongoing turmoil.