Job offers

In Classy Move, Coinbase Pulls Job Offers From People Who Have Already Accepted Them

It’s very cold!

Not serious!

Nothing inspires investor confidence during an economic crisis like the cancellation of job openings, as Coinbase may soon learn.

In an update on what was initially a two-week hiring “pause”, Coinbase announced last night that not only would it be freezing hiring “for the foreseeable future”, but the company would also be canceling “a number of accepted offers”. .”

“It has become clear that we need to take stronger action to slow our workforce growth,” Coinbase Chief People Officer LJ Brock wrote in the statement posted on the company’s blog, adding more later in the update that “all incoming hires will be notified of their updated offer status.”

Takesie Backsie

If that sounds brutal in theory, the practice looks even worse.

Take machine learning researcher Ashutosh Ukey, who says he got a job offer from Coinbase at the same time he was considering a doctoral program at the University of Illinois at Urbana-Champaign.

In the end, he chose Coinbase – only for the company to accept the offer immediately.

“It was devastating for me as I was going to start with a STEM OPT VISA and I am only entitled to a certain number of days of unemployment,” Ukey wrote. “After planning the next stage of my life so much, to see it fall apart so quickly was heartbreaking.”

bad year

News of Coinbase’s hiring freeze comes amidst a particularly bad year for the crypto company. Its CEO was roasted on Twitter for a Super Bowl commercial, and then lost a ton of his own wealth. Its stock price plummeted and the company admitted that in the event of a bankruptcy filing, it could seize crypto from its users.

Things have been pretty bad for the crypto world and the economy as a whole for months now, but Coinbase seems determined to dig deeper and deeper.

Learn more about crypto: Former OpenSea executive arrested by the feds for insider trading