In one fell swoop, 1,100 employees are at the door. It is June 14, 2022. The largest US crypto exchange Coinbase lays off nearly 20 percent of its workforce that day. One of them: Daniele (name changed by the editors on request). The trained programmer goes for a walk with his dog on this 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 rock the entire crypto market in June. Over 2,000 people lose their jobs. And there are more and more. BitpandaCrypto.com, OpenSea: They are all saying goodbye to large parts of their workforce. New applications are also put on hold – because of the bear market.
Those affected stand in front of a heap of broken glass overnight. Compared to BTC-ECHO, three fired insiders give insights into the large job losses on the crypto market. And describe the effects of the layoffs on their lives. You can read the whole story in the current issue of the BTC-ECHO magazine. You can order them here.
BTC-ECHO Magazine (Print & Digital) from EUR 4.99
The BTC-ECHO Magazin is the leading German-language magazine since 2014 on the topics of Bitcoin, Blockchain, NFTs & cryptocurrencies.
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Particularly piquant: A few months before, many of the same companies that are firing employees are still spending enormous sums on advertising deals. And in front of their employees, some promise internally to the last: There will be no layoffs.
“I’m shocked how a company can treat a potential employee,” says a student who quit three jobs to go to crypto exchange Crypto.com. The company never sent him his employment contract. Another had Bitpanda just got back into working life, after a burn-out. “I finally wanted to sign a new lease. Now I have to live with my parents.” Employees are notified of their dismissal by email after a meeting, the insider said. “People were in shock, some were crying.”
For immigrants in particular, the mass layoffs are life-threatening. It is now a race against time for them, writes an ex-Bitpanda employee on LinkedIn. She came to Vienna from Brazil for her job and built a new life there. Without work, they and other immigrants lose their visas after 90 days. Then they have to leave their new home.
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