--- title: "In Very Classy Move, Coinbase Is Withdrawing Job Offers From People Who Already Accepted Them" description: "Nothing inspires investor confidence during an economic crisis quite like rescinding job offers, as Coinbase may soon learn. " date: "2022-06-03" modified: "2022-06-03" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/coinbase-rescinding-jobs" categories: - "Blockchain" - "Future Society" tags: - "coinbase" - "crypto" - "cryptocurrency" - "the blockchain" - "the digest" --- # In Very Classy Move, Coinbase Is Withdrawing Job Offers From People Who Already Accepted Them ![Nothing inspires investor confidence during an economic crisis quite like rescinding job offers, as Coinbase may soon learn. ]() *\Image: Rafael Henrique/SOPA Images/LightRocket via Getty Images\* ## Nevermind! Nothing inspires investor confidence during an economic crisis quite like rescinding job offers, as Coinbase may soon learn. In [an update about what was initially a two-week "pause" on hiring](), Coinbase announced last night that not only would it be freezing hiring "for the foreseeable future," but that the company would also be rescinding "a number of accepted offers." "It’s become evident that we need to take more stringent measures to slow our headcount growth," Coinbase's "Chief People Officer" LJ Brock wrote in the statement posted to the company's blog, later adding in the update that "all incoming hires will be advised of their updated offer status." ## Takesie Backsie If that sounds brutal in theory, the practice sounds even worse. Take machine learning researcher Ashutosh Ukey, who [says he got a job offer]() from Coinbase at the same time that he was considering a PhD program at the University of Illinois Urbana-Champaign. Ultimately he chose Coinbase — only to have the company yoink the offer right back. "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," Ukey wrote. "After having planned so much of the next stage of my life, seeing it fall apart so quickly was heartbreaking." ## Bad Year News of Coinbase's hiring freeze comes amid a particularly bad year for the crypto company. Its [CEO got roasted on Twitter]() for a Super Bowl ad, and later [lost a ton of his own wealth](). Its [stock price tanked](), and the company admitted admitted that if it files for bankruptcy, it [may seize crypto from its users](). Things have been [quite bad for the crypto world]() and the economy at large for months now, but Coinbase seems intent on digging itself deeper and deeper. **More on crypto:** *[Former OpenSea Executive Arrested by Feds for Insider Trading]()* ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()