JFC, how many offers did Coinbase have out?
It seems like everyone and their mom had an offer rescinded from coinbase. Stories all over blind and LI. Seems like half of Amazon eng had CB offers. How many offers could they possibly have had out? Are some people lying about offer getting pulled to play sympathy card or something? Did CB just accidentally extend to everyone that applied?
At least for new grad it's graduation month. Coinbase was projected to go to 10,000+ hires.
Damn that is a lot! 10k new hires?
Yeah not at once obviously and they hired tons already this year. I wouldn't be surprised if several hundred were rescinded
Wow sorry
I heard there were around 500 offers in flight.
Around 500 offers were extended
And 0/500 were made good on. Coinbase literally delivered in writing on Company letterhead signed and delivered documents it could not honor. Industry standard for Crypto dealings maybe. My claim is that Coinbase's failure to make good on their contracts is a reflection of the overall lies and scams in crypto.
I feel like this comment is a bit hasty and I don’t think senior leaderships incompetence at CB is a good reflection of the entire crypto space. Agreed what they did was shitty - But I also think this may have been better than hiring all of those people to later….. lay…them…off….anyway? I’m also curious to know how many new folks were laidoff at Meta, RH, Netflix etc that’s just not being discussed. Not sure if the hiring freeze + rescinded offers at CB is considered worse than many other tech companies laying off 10% of their existing workforce…. It may all equally be shitty… ?
Ya it was bad, but many companies have done so in the past...but I've never seen a company give severance pay to folks who have not even joined. It's not ideal, but also seriously helping the folks out by helping them interview in other companies etc.
Uber did the same. They kinda have to especially if the number of offers is high to avoid lawsuits. To say it's not ideal is really underestimate of the century. People need to find jobs in a time where not many companies are hiring, add to that visa issue for many... Shity move by a shity leadership.
my thoughts also. how could they possibly have so many offers out that it would be useful (vs the downside) to rescind them
Maybe some just claim that they got an offer to get more reach in their job search. Who knows?
I think there’s a lot of new grads and entry level SWEs who are posting on LinkedIn. I myself came across at least 8 different posts on LI Either way it’s a very fucky move by the company. The PR repair will take a lot of time