In one fell swoop, 1,1000 employees are on the doorstep. It’s June 14, 2022. The largest US crypto exchange Coinbase is laying off almost 20 percent of its workforce on this day. One of them: Daniele (name changed at the request of the editorial staff). The trained programmer goes for a walk with his dog that day. When he sits down at his laptop in the home office, he can no longer log in.
Coinbase is not an isolated case. Mass layoffs shake the entire crypto market in June. More than 2,000 people are losing their jobs. And there are more and more. Bitpanda, Crypto.com , OpenSea: You are all saying goodbye to large parts of your workforce. New applications will also be put on hold – because of the bear market.
Those affected are in front of a pile of shards overnight. Compared to BTC-ECHO, three fired insiders give insights into the big job death in the crypto market. And describe the impact of the layoffs on their lives. You can read the whole story in the current issue of BTC-ECHO magazine. You can order them here.
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The BTC-ECHO magazine is the leading German-language magazine since 2014 on the topics of Bitcoin, blockchain, NFTs & cryptocurrencies.
Especially piquant: a few months earlier, many of the same companies that fire employees are still spending huge sums on advertising deals. And in front of their employees, some internally promise to the last: there will be no layoffs.
“I’m shocked how a company can deal with a potential employee,” says a student who canceled three jobs to go to the crypto exchange Crypto.com to go. The company never sent him his employment contract. Another one had just gained a foothold in working life at Bitpanda after a burn-out. “I finally wanted to sign a new lease. Now I have to live with my parents.” Employees will be notified of their dismissal by e-mail after a meeting, according to the insider. “People were in shock, some were crying.”
Especially for immigrants, the mass layoffs are existential threats. For her, a race against time is now beginning, an ex-employee of Bitpanda writes on LinkedIn. She came to Vienna from Brazil for her job and built a new life there. Without work, you and other immigrants will lose your visa after 90 days. Then you have to leave your new home.