Turns out there was a massive red flag in the news about Coinbase’s June lay-offs. But not about Coinbase.
From our June post , with added emphasis:
One of the employees’ public complaints was about overhiring, so we suppose this could be seen as a win for them. And the 6,200 number is indeed eyebrow-raising. Crypto competitor FTX . . . has “about 300” employees, according to a tweet from CEO Sam Bankman-Fried published after this story went live. We have questions and, in the spirit of DeFi, will seek the answers using decentralised reporting:
What on earth were all [the Coinbasers] doing?
It looks like we now have many likely answers to this question :
being the accounting department
doing public relations outside of Vox journalists’ DMs
approving expenses without using Slack emojis
keeping records of who works at the company
tracking company cash
legalling
being less bad than Enron
Here at Alphaville , we believe that accountability and trust is important. In other words:
Further reading:
— The FTX investors’ tombstoNFT (FTAV) — The FTX bankruptcy filing in full (FTAV) — The Alameda-FTX death spiral (FTAV) — The turf wars over FTX’s bankruptcy (FTAV) — The world according to SBF (FTAV) — Revealed: FTX’s emergency fundraising term sheet (FTAV) — FTX balance sheet revealed (FTAV) — Like rats fleeing a sinking ship (FTAV) — Untangling the knotty empire of FTX (FTAV) — Binance versus FTX: the face/off (FTAV) — Mutual crypto-destruction assured (FTAV) — Dispatches from cold war in cryptoland (FTAV) — Let crypto burn (FTAV)