Coinbase’s Abrupt Hiring Reversal Blindsided Would-Be Employees

Coinbase announced it would rescind offers, surprising recruits who told CoinDesk they believed their new roles would be safe.

AccessTimeIconJun 4, 2022 at 12:42 a.m. UTC
Updated May 11, 2023 at 5:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Would-be Coinbase employees have been left in the lurch after the crypto exchange announced it would rescind job offers as part of a swathe of cost-cutting measures in a bear market.

CoinDesk spoke to three such recruits who said they felt blindsided by the sudden reversal from the company they’d assumed was the most stable brand in crypto – a place worth picking over Snap, Meta, Roblox or other tech giants. One software engineer, a recent college graduate, said they passed up offers from all three to work instead of at Coinbase.

Another software engineer who said he signed his Coinbase Cloud offer in mid-May was days away from leaving his job on Wall Street: He was at a going-away happy hour with work friends when the rescission email hit. Now, he’s staying put.

Many of the potentially hundreds of downturned prospects weren’t so lucky. The college grad was planning on starting in September.

“Now I’m scrambling to get something, and most companies are either filled up or frozen hiring,” the grad said.

Coinbase announced earlier this year it intended to triple its headcount through the end of 2022. One of the recruits CoinDesk spoke to said he believed a few hundred people may have been in the recruitment and onboarding process this week.

On Thursday, Coinbase Chief People Officer L.J. Brock announced that the company would “rescind a number of accepted offers.” And it appears to have wasted no time in doing so.

Several almost-hires posted to the Blind jobs posting forum noting that they left their old roles, or turned down other offers, to take on roles at Coinbase, which announced two weeks ago it would slow its hiring process. One individual said they were a new graduate who interviewed in November.

According to a copy of an email sent to this person from Brock, they will receive one month’s salary as severance.

Other users said their start date was meant to be June 6, just four days after Brock’s blog post.

Coinbase’s stock price traded around $67 Friday, down 9% over the day amid a broader fall in tech stocks.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about