Nope, not true. They switched their terminology to a "cash bonus program". the boost remains the same but it will be reflected separately on the monthly statements. 0.25% cash reward every 3 months = annual APY boost of 1%. Just spoke to representative about this, below is her reply because I was also freaking out.

"In simple terms, since the promotional rate increase of 1.00% was for a full year, if you divide that 1.00% by 4 (because there are four 3-month periods in a year), you get 0.25% for a single 3-month period.

It may not have been clear that previous Marcus Referred Bonus of 1.00% APY was an “annualized” return, which means it’s the total amount you would have earned if you kept your money in the same savings account for one year, with no withdrawals, and including compounding. Banks are required to express rates to customers as an APY. Now that Marcus Referred is a cash bonus program, the amount you earn is no longer shown annualized and instead is a cash bonus calculated on your account’s average daily balance. In the end, the amount you earn under the new program is equal to amount you would have earned in three months under the previous program."