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Cryptocurrency Drop Hits Coinbase: Hundreds Of Employees Will Be Laid Off!

The already poor state of cryptocurrencies worsened following the collapse of the giant stock market FTX, with the leading cryptocurrency Bitcoin (BTC) falling to recent lows. Naturally, this situation has hurt many companies in the sector and some have even declared bankruptcy.

The information coming today comes from the world’s major stock exchanges. Coinbases revealed that he would take a step because of this bad course. According to the statements of CEO Brian Armstrong, the American company employs a significant part of its employees. to dismiss plan. Coinbase has placed this move with companies that have recently laid off their staff en masse.

950 employees will be laid off

Armstrong announced this development in an email to staff. The statement states the total number of employees, which is 4750 in total, 950 people, which corresponds to 20% was declared dismissed. The company, collective redundancies, ‘overcoming the downturn in the cryptocurrency markets’ He added that because

Armstrong also referred to FTX founder Sam Bankman-Fried, who is accused of money laundering and fraud.unscrupulous actors in the industryHe also stated that it affected Coinbase’s cost-cutting efforts. The 39-year-old businessman also said in his statements:While it was always painful to say goodbye to our colleagues, there was no way we could reduce our costs enough without making changes to the workforce.”

This isn’t Coinbase’s first recent firing. The giant company, again in the summer, to cut costs about 1,100 He announced that he had fired his employee. In addition, 60 employees were laid off in November.

Aside from the crypto sector, similar moves have been made in recent months due to continued economic uncertainty from other technology states. A few days ago, Amazon announced that it would lay off 18,000 of its employees.

If you’re wondering which companies have been laying off their employees en masse lately, check out our content below.

Source: Web Tekno



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