Coinbase announced on Thursday it wasn’t just freezing hiring—the U.S.-based crypto exchange would be rescinding recently agreed-to offers with prospective employees.
Understandably, many of those would-be employees are furious, especially after Coinbase, after reporting a $430 million Q1 loss, sought to reassure the new hires via email, literally writing, “… we will not be rescinding the offers of any employees who have already signed or have received offers from us.”
The decision by Coinbase, announced the same day Gemini Trust Co. said it would be cutting 10% of its workforce, doesn’t just jeopardize some of these developers’ ability to pay bills—it puts at risk their ability to stay in the U.S.
“I am left speechless of the irresponsibility Coinbase has shown in managing hires and helpless about my current situation,” Chung Wook Ahn, who accepted his offer in February, wrote on Linkedin. “As an international student on an OPT visa, I have only 90 days left to find another position before I no longer could maintain the status.”
Other devs, including Tianyou Xiao and Bharat Mahajan, shared stories of similar peril.
Adam Kopec, who’d already quit his previous job, appeared more optimistic than most, calling Coinbase’s decision “wild,” but adding, “Oh well. Who’s building cool stuff in Web3 / who should I meet with instead?”
Coinbase shares on Friday closed at $66.69, down more than 80% from their all-time high.
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