Coinbase broke the news to affected employees in a particularly cold way: by email, sent to employees' personal email accounts because they immediately cut access to employees' work accounts. "Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensure not even a single person made a rash decision that harmed the business or themselves," wrote CEO Brian Armstrong in a message to employees that was subsequently published as a blog post.
Coinbase announced that they would be cutting 18% of their employees, amounting to 1,100 people. This announcement came only two weeks after they rescinded already-accepted job offers from some new employees, a move that itself came only two weeks after the company announced a hiring freeze. Coinbase has attributed their decisions to "current market conditions" and "crypto winter".
- "A message from Coinbase CEO and Cofounder, Brian Armstrong", Coinbase blog
- "Crypto Exchange Coinbase to Lay Off 18% of Staff", Wall Street Journal