Job Security a Growing Concern as Crypto Layoffs Continue
One day after cryptocurrency firm BlockFi moved to lay off 20% of its staff, over a thousand Coinbase employees woke up to find their workplace access cut and an email informing them they were part of the 18% of staff let go due to tough industry conditions. “Although I understand that difficult decisions have to be made by companies during these exceptionally challenging economic downturns, the bitter pill doesn’t get any easier to swallow,” Brett Murtagh, former executive assistant at Coinbase, shared on LinkedIn. This is not the first time Coinbase has taken extreme measures since its reported $430 million loss in this year’s first quarter. The top US crypto exchange announced it would be rescinding job offers just two weeks ago. “This was devastating to me as I was going to start on a STEM OPT VISA and I am only allowed a certain number of days on unemployment. I had even rejected three PhD offers and declined to interview at other companies since I had accepted Coinbase’s offer in mid-March. All of these other options are no longer available to me,” Ashutosh Ukey said on LinkedIn.