Would-Be Coinbase Employees Furious After Rescinding Offers

The would-be Coinbase employees that were supposed to start working at the exchange but are now with the preparations for the crypto winter remained jobless, are furious after and some face harsh deadlines to get the jobs or lose their immigration status so let’s read more today in our latest Coinbase news.

Plenty of talented people were left unemployed after coinbase announced that it wasn’t just freezing the hiring process but also that the exchange will be rescinding the agreed offers with prospective employees. Most of those would-be Coinbase employees after the exchange reported the $430 million loss, wanted to reassure their hiring via email which some of them got and it read:

 “… we will not be rescinding the offers of any employees who have already signed or have received offers from us.”

Coinbase sent a welcome email to new hires 2 weeks ago promising that they won't rescind offers (1st image).

Yesterday, they sent the rescind emails (2nd image) leaving candidates in frustration.

We have a referral thread going on to help those who were impacted 👇 pic.twitter.com/lIQe0ph4rk

— Blind (@TeamBlind) June 3, 2022

The decision by coinbase was announced a day after Gemini said it will be cutting down 10% of the workforce whcih not only jeopardizes some of the ability to pay bills, it puts at risk their ability to stay in the US. Chung Wook Ahn for example who accepted his offer in February wrote:

“I am left speechless of the irresponsibility Coinbase has shown in managing hires and helpless about my current situation. 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.”

Welp, yesterday I was shocked to found out that @coinbase rescinded my IC7 Product Design accepted job offer after I already quit my job. Wild.

Oh well. Who’s building cool stuff in web3 / who should I meet with instead?https://t.co/ja2F4Gyqjs

— Adam Kopec ツ (@akopec) June 3, 2022

Other developers shared similar stories. Adam Kopec for example who already quit his previous job seemed more optimistic in that most called Coinbase’s decision “wild” but added “Oh Well. Who’s building cool stuff in Web3/  Who Should I meet instead?”

With the $430M loss in Q1 2022, Coinbase will take some stringent measures when it comes to hiring. On the same day that the rival exchange Gemini confirmed it will lay off employees, Coinbase announced that it will continue the hiring freeze amid the recent market for both crypto and tech stocks so the company will rescind some job offers for employees that accepted positions but had not started working yet. Coinbase announced plans in May to slow hiring but the blog post from today shows that the exchange will take a huge turn.
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