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The dereliction of the Coinbase dream.

Disappointed candidates gave up $400k salaries to join Coinbase

The more that emerges about the rescinded job offers at Coinbase, the more that anyone else wooed by big hiring plans at the latest crypto darling might have a careful think about their current seat and decide they're actually quite well situated after all. After Coinbase said it was hiring 6,000 people, candidates seem to have given up big jobs for a sniff of crypto magic, only to be left hanging by the sudden decision to "rescind a number of outstanding offers for people who have not started yet."

Those people are now complaining bitterly on public forums.

On Blind, for example, someone called Datadog, says he'd signed a Docusign and given up a $406k job, and was due to start at Coinbase in August. Instead, the job has been cancelled and he has two months' severance pay. Someone else called Nutanix says he/she had offers Microsoft and Amazon, but forsook them for Coinbase, only to have the job yanked. Another poster called TeaLove says he was due to start a $405k job at Coinbase on Monday having given up a $205k role at his current company to join, and that he already has the Coinbase laptop: "It was a dream job for me and now I’m feeling lost."

Students have it hardest, especially students on visas. On LinkedIn, Chung Wook Ahn, a Masters Student at Washington University, says he was due to start in two weeks on an OPT Visa and now only has 90 days to find a new role. "I am left speechless of the irresponsibility Coinbase has shown in managing hires, and helpless about my current situation," he says. Ashutosh Ukey at the University of Illinois Urbana-Champaign, says he accepted an offer from Coinbase instead of pursuing a PhD: "I was going to start on a STEM OPT VISA and I am only allowed a certain number of days on unemployment. I had even rejected three PhD offers and declined to interview at other companies since I had accepted Coinbase's offer in mid-March. All of these other options are no longer available to me."

Even worse, a post on Blind suggests Coinbase emailed candidates during the week of May 16th and promised them it wouldn't be rescinding offers, with that promise underlined for additional effect. Coinbase didn't respond to a request to comment on the veracity of that email.

In the email sent to candidates whose offers were being rescinded, Coinbase head of HR L.J. Brock promised to provide them with, "job placement support, resume review, interview coaching and access to our strong industry connections."

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AUTHORSarah Butcher Global Editor
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  • Th
    The Eyes of Lee
    9 July 2022

    Funny that the same people who complain about corporate greed are siding with people who quit $400K jobs looking for more money. Isn't that ALSO greed?

  • Sh
    Shaw Young
    7 June 2022

    that is zero loyalty and zero reputation for crypto firms

  • 12
    123
    6 June 2022

    Datadog and Nutanix are companies, not people

  • Mi
    Michael
    5 June 2022

    Unfortunately, the days of expecting that companies will display loyalty to their employees are long gone. This is just another sign of that. And from an industry where the labor market dynamics dramatically favor the employee. It's much worse in most industries. And yet strangely, it's still common to hear companies expecting employees to display loyalty to them. I figure it's a career limiting move to openly laugh when that's suggested, but I scoff on the inside whenever I hear some manager suggest it.

    I feel bad for the employees. But considering how transparent of a scam all things crypto are, it's not a shock to hear this news. I'm sure tulip bulb traders were also surprised when their employer decided to stop paying them.

  • Ry
    Ryan Rosso
    5 June 2022

    For the sake of pride month, just want to point out that you can simply use 'they' instead of presuming the person is binary with he/she. It's actually simpler and more elegant to use.

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