Crypto media outlet The Defiant founder Camila Russo said the crypto industry is facing a “full-blown crypto media crisis.” She noted that over the past year, media outlets including Blockworks Newsroom, DLNews, and DappRadar have either shut down or undergone reorganization, while institutions such as Bankless, Decrypt, Unchained, Cointelegraph, and The Defiant have also seen layoffs or business contractions. Russo believes the current crisis is mainly driven by slowing crypto VC funding, money shifting toward AI, the industry’s focus moving from retail narratives to stablecoins and RWA, and marketing budgets gradually flowing to KOLs and companies’ in-house media. She also said that despite challenges facing the media, the importance of independent news organizations is actually rising.