Terminated Coinbase Employees Shocked After The Latest Lay-Offs

The Sudden Reduction in Workforce

Earlier in 2022, Andrew Grass assisted in the hiring of roughly 200 workers at Coinbase Global Inc. Most of those hires, including Grass, have since been laid off. The biggest US digital-asset trading platform on 14th June announced the reduction of around 18% of its personnel. They blamed the decline in cryptos and the deteriorating market situation. However, several Coinbase employees say they didn't get any email from CEO Brian Armstrong announcing the cutbacks. Rather, they all learned of the news via several social media platforms. Others stated they initially noticed something was awry when they couldn't access their work computers.

In fact, the statement came as a surprise to Grass. He had just arrived from an off-site conference in Austin, Texas, with several of Coinbase's associate managers. When he awoke on 13th June, he received a group text from a coworker pushing him to check his email for news on the layoffs. He attempted to get on to his computer but was unable to do so. It was a surprising end to his time at the firm, especially after spending the previous weeks attempting to increase hiring.

Cryptocurrency firms went from expanding to contracting within a few days as BTC continues its precipitous decline approaching $20K. At one point in 2022, Coinbase's full-time employment increased by approximately 1.2K employees. That was even when the company's shares plummeted to a portion of last year's IPO price. Many new workers had their offers withdrawn many weeks ago, and things started going downhill from there.