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Crypto exchange Coinbase has confirmed that it has suspended all hiring and has even gone as far as to rescind accepted job offers, leaving its would-be employees high and dry. The rug pull announcement came via the official Coinbase blog on Thursday in a post credited to LJ Brock, the corporation’s Chief People Officer.
In the piece, Brock explained that the decision had been made in response to the current “macro environment” that had forced the company to rethink its “business priorities.” Unfortunately, those priorities did not include people to whom the company had already offered jobs.
Coinbase wants to grow in the highest priority areas
Regarding the rescinded job offers, this is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas. That cancellation of contracts is a ruthless business decision that has already caught the critical eye of crypto Twitter users. One Twitter user went as far as to describe the action as a scumbag move since rescinding offers is so disruptive to people’s lives and careers.
Presumably, at least some would-be Coinbase employees had already handed in their notice at their current roles, leaving them without work. Rumors that rescinded offers also included intern positions are as yet unconfirmed. BeInCrypto has reached out to Coinbase and LJ Brock for comment.
Is this the end of the fair weather revolution?
Although there are no currently available roles at the company, Coinbase does make a great case for joining their ranks. Coinbase careers page begins with the most enthusiastic word “We”. “We’re the world’s most trusted way to join the crypto revolution, serving more than 89 million accounts in more than 100 countries. Come work with us.”
Jobseekers who trusted Coinbase to honor job offers may now have good reason to question the credibility of that “most trusted” claim. The revolution as imagined by this exchange is only a very fair-weather notion. The revolution has now been canceled.
The sagging crypto market is one culprit because of which the platforms have to make tough decisions. Crypto prices have declined this year from the highs reached last November. As a result, trading volumes at crypto exchanges have dropped.
