Axios Pro Exclusive Content

Rescinded offers leave would-be Coinbase employees scrambling

Illustration of an office chair on fire

Illustration: Sarah Grillo/Axios

Signaling even more cutbacks, crypto exchange Coinbase on Thursday announced it would extend its hiring pause and, worse, rescind job offers.

Why it matters: Now those who had made major life decisions to join Coinbase are scrambling to find other options.

Driving the news: People who had thought they were becoming Coinbase employees say on LinkedIn that they had quit jobs, rejected other opportunities, or are now worried about their ability to stay in the country as a result of the company's decision to rescind offers.

  • "I was also in the process of interviewing for top tech companies such as Amazon, and Oracle," Chung Wook Ahn wrote on Linkedin. "Coinbase not only deprived my chances of joining these great companies but deceived me into having a false sense of security that I could start working 'whenever possible.'"
  • Another poster, Jordan Yono, had quit his job at startup StockX and expected to start at Coinbase on June 6. But his position was rescinded, he wrote.
  • "This was devastating to me as I was going to start on a STEM OPT VISA and I am only allowed a certain number of days on unemployment," wrote Ashutosh Ukey, who had been slated to become a backend software engineer for the company. "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."

Of note: Ukey's visa allows him to have as much as 150 days of unemployment before he must leave the country — a position others on LinkedIn are also in as a result of Coinbase's rescinded offers.

What they're saying: Coinbase says it is applying "our generous severance philosophy to offset the financial impact of this decision" and is "establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, resume review, interview coaching and access to our strong industry connections."

Go deeper