{"id":36109,"date":"2022-06-04T06:31:21","date_gmt":"2022-06-04T06:31:21","guid":{"rendered":"https:\/\/harchi90.com\/fired-even-before-i-started\/"},"modified":"2022-06-04T06:31:21","modified_gmt":"2022-06-04T06:31:21","slug":"fired-even-before-i-started","status":"publish","type":"post","link":"https:\/\/harchi90.com\/fired-even-before-i-started\/","title":{"rendered":"&#8216;Fired even before I started&#8217;"},"content":{"rendered":"<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A new hire impacted by Coinbase&#8217;s decision to rescind some job offers this week and freeze hiring said he was blindsided by the move.<\/p>\n<p>\u201cI was fired even before I started with the company,\u201d the worker, whose identity was not revealed, told Business Insider.<\/p>\n<p>Coinbase cited \u201ccurrent market conditions and ongoing business prioritization efforts\u201d in a companywide memo detailing its decision to pull some job offers. <\/p>\n<p>The announcement came just two weeks after the embattled cryptocurrency trading firm confirmed a slowdown in hiring during a steep downturn in the market.<\/p>\n<p>The latest shift upended the plans of the out-of-luck hire, who told Insider that he had accepted a Seattle-based role at Coinbase in March and was still going through the pre-employment process as recently as last week. <\/p>\n<p>But the foreign student received an email Friday revealing the offer had been rescinded &#8211; after he had already signed a lease in Seattle.  He said he faced potential fees if he backed out of the agreement.  Additionally, the worker faces a limited time frame to find a new gig because he is on a visa.<\/p>\n<figure class=\"wp-block-image size-large\"><figcaption>Coinbase CEO Brian Armstrong recently assured investors that the company was not in danger of bankruptcy.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>&#8220;I wanted to join Coinbase because it was so big and competitive and even joined Fortune 500, but now I know how volatile and unpredictable cryptocurrency can be, I&#8217;m done with it,&#8221; the worker told Insider.<\/p>\n<p>A Coinbase spokesperson told The Post that the decision to rescind offers and pause hiring was &#8220;extraordinarily difficult,&#8221; but it &#8220;made sense for us to take stronger action to manage our expenses given how quickly we were ramping hiring.&#8221;<\/p>\n<p>&#8220;As we said in our note to employees, we will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle,&#8221; the spokesperson added.<\/p>\n<p>In the memo to employees, Coinbase&#8217;s chief people officer LJ Brock said internal discussions made it clear the company needed &#8220;to take more stringent measures to slow our headcount growth.&#8221;<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/coinbase-01.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Bitcoin\" class=\"wp-image-22526214\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/coinbase-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/coinbase-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/coinbase-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>The price of bitcoin has plunged in recent months.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Brock said the hiring pause will extend \u201cfor the foreseeable future\u201d and include job backfills for departing employees, unless they are critical to the company&#8217;s operations.<\/p>\n<p>Coinbase will also \u201crescind a number of accepted offers,\u201d with impacted workers informed by email.<\/p>\n<p>\u201cThis decision is not a reflection on the highly talented people we had extended job offers to,\u201d Brock said.  &#8220;We will apply our generous severance philosophy to offset the financial impact of this decision.&#8221;<\/p>\n<p>Coinbase said it would create a \u201ctalent hub\u201d to assist affected candidates with job placement, resume reviews, interview coaching and other needs.  It&#8217;s unclear how many offers were rescinded.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/coinbase-2.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Coinbase\" class=\"wp-image-22314167\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/coinbase-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/coinbase-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/coinbase-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Coinbase initially planned to triple its headcount this year.<\/figcaption><figcaption><span class=\"credit\">SOPA Images \/ LightRocket via Gett<\/span><\/figcaption><\/figure>\n<p>\u201cWe always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,\u201d Brock added.  &#8220;If we&#8217;re flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side.&#8221;<\/p>\n<p>The hiring freeze was the latest troubling sign for Coinbase.  The company&#8217;s stock plunged last month after a weak first-quarter earnings report and a warning that the crypto holdings of its customers could be at risk if it goes bankrupt.<\/p>\n<p>Later, CEO Brian Armstrong posted a series of tweets in which he addressed the situation and said the company was at &#8220;no risk of bankruptcy.&#8221;<\/p>\n<p>Coinbase isn&#8217;t the only company dialing back on its hiring plans due to difficult market conditions.<\/p>\n<p>Twitter has also rescinded some job offers and paused hiring in recent days as it moves forward with negotiations related to Elon Musk&#8217;s takeover bid of the company.<\/p>\n<p>And earlier this week, another trading hub, Gemini, revealed it would cut 10% of its staff due to what co-founders Cameron and Tyler Winklevoss described as the onset of &#8220;crypto winter.&#8221;<\/p>\n<p>Bitcoin is trading below $ 30,000 this week, down from its all-time high of $ 69,000 achieved last November.<\/p>\n<\/p><\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new hire impacted by Coinbase&#8217;s decision to rescind some job offers this week and freeze hiring said he was blindsided by the move. \u201cI was fired even before I started with the company,\u201d the worker, whose identity was not revealed, told Business Insider. Coinbase cited \u201ccurrent market conditions and ongoing business prioritization efforts\u201d in &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/fired-even-before-i-started\/\"> <span class=\"screen-reader-text\">&#8216;Fired even before I started&#8217;<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[1584,116,2284,1585,114,3580,50],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/coinbase-comp.jpg?quality=75&strip=all&w=1024","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/36109"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=36109"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/36109\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=36109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=36109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=36109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}