A month’s pay but no crypto job after Coinbase ditches new hires

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Coinbase has rescinded offers to new hires after promising it wouldn’t.

According to the email shared in a discussion on Blind Coinbase chief people officer L.J. Brock told the candidates that the largest crypto exchange in the US had to “slow our headcount growth in light of the macro environment,” (our emphasis).

It promised one month of salary and offered to “provide high quality job search benefits” via a Talent Hub which will assist the no longer future employees in getting their next job.

The anonymous work discussion site has already started to help those affected look for new work. One poster offered to make referrals and encouraged others to do the same.

In another email seen by Bussiness Insider, Coinbase human resources offered two months of compensatory pay.

Coinbase had previously promised to not rescind the jobs in an email sent to the new hires after a memo appeared explaining its plans to slow down on hiring. This promise was, it now seems, worthless.

Read more: Coinbase staff will see what colleagues think of them with new app

In one case an unhired offeree spoke of turning down three Computer Science PhD positions to take a Coinbase offer. Their operation practical training (OPT) visa to work in the US was dependent on their role at the crypto exchange.

Another ditched candidate explained they have 90 days to find a new job before their OPT visa expired.

“Coinbase not only deprived my chances of joining these great companies but deceived me into having a false sense of security that I could start working whenever possible,” said Chung Wook Ahn on LinkedIn.

“I am left speechless of the irresponsibility Coinbase has shown in managing hires and helpless about my current situation,” he added.

Coinbase has recently onboarded thousands of new staff in positions across the world including a new editorial department. According to its most recent earnings report, it has 4,948 employees. More notably, its CEO, Brian Armstrong, has purchased a house worth a reported $133 million dollars in Los Angeles.

Others join Coinbase in retreating from job market

This latest scandal can be added to the list of Coinbase slip-ups from the Delaware domiciled exchange. In just the last year ominous emails from Armstrong, undisclosed conflicts of interests, and criticisms over execs offloading their stock options have all been reported.

Indeed, times are tough for Coinbase stock holders and have been for quite a while. The first ever crypto firm to be traded on the NASDAQ has been on a downward trajectory since its April 2021 listing. At press time it’s down nearly 80% from it’s $381 listing price to $77.5. It was recently the subject of a short from famed short seller John Chanos.

The price has also taken a hit reflecting in part a wider slump in the crypto markets and a liquidity event which allowed investors, execs and employees to offload their shares due to its direct listing.

Read more: Coinbase listing hype appears dead as exchange falls 80% from all-time highs

As the Verge notes, other crypto firms are also scaling down. Gemini is laying off 10% of its staff and Rain Financial Inc, one of the Middle East’s largest crypto exchanges, reportedly cut dozens of jobs.

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