Husires (OP)
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June 11, 2022, 08:46:34 PM Last edit: January 20, 2023, 04:31:43 PM by Husires |
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During the past month, the price was greatly affected by what happened with Luna, and now we have record inflation, expectations of economic stagnation and uncertainty, which will force many platforms to reduce employment, achieve losses and problems that may affect the continuity of their economic activity. I will update this list soon.
| | . Name . | | | ..... News link..... | | | ............................................ Notes ........................ | | | | | Gemini | | | ...10% of the workforce | | | .......we have made the difficult but necessary decision to part ways with approximately 10% of our workforce | | | | | Coinbase | | | ...Coinbase Lay Off 18% of Workers | | | .......Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, Revenue was down as trading volumes fell, and active monthly users declined 19% from the fourth quarter. | | | | | blockfi | | | ...20% of it's workforce | | | .......dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable. | | | | | Crypto.com | | | ...5% of its work force | | | .......That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce. | | | | | ftx | | | ...Liquidity problem | | | ....... This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. | | | | | Binance | | | ...~10% of its balance sheet in a total vaporware token | | | ....... Binance is also holding ~10% of its balance sheet in a total vaporware token - just like FTX/Alameda.
| | | | | Genesis | | | ...Genesis files for bankruptcy | | | .......On January 19, Genesis Global Holdco, LLC and two of its lending business subsidiaries, Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd., filed voluntarily petitions under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York | | | | | Bybit | | | ...exposed to Genesis (BitcoinTalk discussion topic) | | | .......Bybit CEO disclosed on his Twitter account that they are indeed exposed to Genesis through there Mirana investment company | | |
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jackg
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June 12, 2022, 10:42:16 PM |
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I do wonder if Coinbase's cofounders have started to give up on it or whether they're buying stocks for this price.
Realistically (if they see value in it) it'd make sense for them to try to buy back as much as they can if/once it stabilises and starts to rise - or perhaps like people do with bitcoin and just buying it as it drops, they'd still do well from that.
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Bitcoin_Arena
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June 12, 2022, 11:11:15 PM |
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I do wonder if Coinbase's cofounders have started to give up on it or whether they're buying stocks for this price.
Realistically (if they see value in it) it'd make sense for them to try to buy back as much as they can if/once it stabilises and starts to rise - or perhaps like people do with bitcoin and just buying it as it drops, they'd still do well from that.
It's always a game of profits. I didn't very much follow the whole Coinbase IPO thing, but I guess not, so many people would want to buy stocks that are just dropping nonstop. People want to make profits, and this includes even those founders.
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Rikafip
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June 13, 2022, 06:44:12 AM |
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I didn't very much follow the whole Coinbase IPO thing, but I guess not, so many people would want to buy stocks that are just dropping nonstop. People want to make profits, and this includes even those founders.
Well, I wouldn't say that Coinbase stock price is dropping non stop, but more that is following the crypto market which makes sense as their profit depends on the amount of people trading there. Chances are that once we enter bull market again their stock price will start rising again so yeah, I wouldn't be surprised if their founders are buying the dip.
Regarding the title of this thread, I am not so sure that we can say Coinbase has financial problems just because they ended one quarter in negative as probably every other exchange experienced the same thing in the last quarter, its just that others are not publicly traded so we have no idea what's going on there. One positive thing I can see from this though is that some people will get scared and maybe start realizing that their money stored at Coinbase is not as safe as they think it is.
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Husires (OP)
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June 15, 2022, 02:02:26 PM |
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Updated @OP with | | . Name . | | | ..... News link..... | | | ............................................ Notes ........................ | | | | | blockfi | | | ...20% of it's workforce | | | .......dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable. | | | | | Crypto.com | | | ...5% of its work force | | | .......That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce. | | |
I am not so sure that we can say Coinbase has financial problems just because they ended one quarter in negative as probably every other exchange experienced the same thing in the last quarter, its just that others are not publicly traded so we have no idea what's going on there. One positive thing I can see from this though is that some people will get scared and maybe start realizing that their money stored at Coinbase is not as safe as they think it is.
A lot of indicators say that they are not in a good situation, there are problems in the stock market, recession, low prices of cryptocurrencies, and I also suspect that a lot of manipulation has occurred to inflate the value of the platform due to the listing process. The coming days will force more platforms to make more "hard decisions". What surprised him was crypto.com, why they need for all this number of employees, 260 were excluded and the number does not represent 5%.
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m2017
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June 15, 2022, 03:27:00 PM |
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It looks like crypto-summer is finally over and the crypto exchanges are leaving for the winter. I assume that other crypto exchanges will also follow the example from this list. Not necessarily because of financial problems, but in order to reduce their costs, because revenue has fallen and the exchanges needs to stay afloat. When the market recovers, they will be able to recruit new employees. Curious to see if binance will be hosting cutbacks or anything like that anytime soon. We will follow the news.
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bitmover
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June 15, 2022, 03:42:07 PM |
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Interesting topic. Although binance is not really having financial problems, I found this which is quite problematic with authorities and can really lead to financial problems. https://www.reuters.com/investigates/special-report/finance-crypto-currency-binance/If binance is really helping out money laundry schemes, authorities can give really high fines.
My biggest concern about coinbase is their stable coin, usdc. If they can confiscate customer funds if they need, their stable coin really doesn't mean much in a terrible bear market.
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SFR10
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June 15, 2022, 07:40:27 PM |
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@Husires Is this list limited only to global brands or you're fine with listing local brands that operate in a few countries [e.g. Buenbit]?
Curious to see if binance will be hosting cutbacks or anything like that anytime soon.
It's actually the opposite ["they're going to hire more staff"].
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DaveF
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June 16, 2022, 12:50:07 PM Last edit: June 16, 2022, 02:38:15 PM by DaveF Merited by vapourminer (1), ABCbits (1) |
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There is a difference between 'financial problems' and "the market has changed we don't need you anymore and the even larger profits are down (or negative)" so it's time to reduce headcount. As I posted elsewhere many tech businesses don't do layoffs when they are doing well. It's the keep them around just in case we need them mentality. In this bear market, you can't just keep some people.
I know someone who was just let go from Gemini. As she put it: Now she gets to spend the summer living off her severance package while doing nothing. As opposed to getting her regular paycheck to do nothing. The project her group was working on ended sometime in late 2021 with the deployment in early 2022. For the last 3 months she joked that her job was head youtube video watcher. So them letting those people go was not a surprise to any of them. BUT had this been a bull market they probably would still be there waiting for the next project while watching videos......
-Dave
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jackg
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June 16, 2022, 07:11:41 PM |
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There is a difference between 'financial problems' and "the market has changed we don't need you anymore and the even larger profits are down (or negative)" so it's time to reduce headcount. As I posted elsewhere many tech businesses don't do layoffs when they are doing well. It's the keep them around just in case we need them mentality. In this bear market, you can't just keep some people.
It's probably closer to the idea of airports needing more staff in summer and retail needing more staff in autumn/winter. It probably also depends where these layoffs are happening too, you probably won't be needing as many customer service representatives at this time but just enough of a workforce to keep the business flowing/functioning. I didn't very much follow the whole Coinbase IPO thing, but I guess not, so many people would want to buy stocks that are just dropping nonstop. People want to make profits, and this includes even those founders.
Well, I wouldn't say that Coinbase stock price is dropping non stop, but more that is following the crypto market which makes sense as their profit depends on the amount of people trading there. Chances are that once we enter bull market again their stock price will start rising again so yeah, I wouldn't be surprised if their founders are buying the dip. I don't think they'll be thst in demand for the next bull market though. They publish financial information really far apart to actually look attractive to investors while they are making profits in a bull run. I think I've said before that investing in coinbase is essentially speculating on an asset already being speculated on. They also don't seem to be doing much to innovate either and are quite a basic exchange. There's the other side to this though that their stock might do like tesco did in the UK (they essentially made huge profits during the pandemic and gave a lot of that money away to their share holders paying a dividend yield of over 30%). Some other companies I've seen in the past have paid a dividend yield of 10% of profits regardless of how much their stock is actually worth (and in the European market, that's often 10-20% of the stock's value). I'm keeping quiet about buybacks because I don't think they're as useful
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Darker45
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July 21, 2022, 03:33:02 AM |
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Just for the update, it seems the bear market isn't done yet with Gemini. For the second time around in just more than a month, the company has laid off some of its workers. This time, it is 7% which is equivalent to 68 employees. Last June, the company laid off 10% of its workers. And as though this isn't enough, there might be more rounds to follow. Therefore, more employees to lose their jobs. [1] The list of crypto exchanges forced to lay off workers in the face of a severe bear market is getting longer. Not included in the OP's list are exchanges Bybit and Vauld. The Singapore-based Bybit laid of a staggering 30% of its staff. [2] Vauld, which is also based in Singapore, on the other hand, has also implemented a 30%-lay off to its workers. [3]
[1] https://economictimes.indiatimes.com/tech/technology/crypto-exchange-gemini-lays-off-more-employees-in-second-round/articleshow/92972760.cms[2] https://techcrunch.com/2022/06/20/bybit-crypto-exchange-joins-the-the-list-of-companies-cutting-staff/?[3] https://inc42.com/buzz/coinbase-backed-indian-crypto-exchange-vauld-lays-off-30-workforce/
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P2PECS
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July 21, 2022, 07:50:12 AM |
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The list of crypto exchanges forced to lay off workers in the face of a severe bear market is getting longer. Not included in the OP's list are exchanges Bybit and Vauld. The Singapore-based Bybit laid of a staggering 30% of its staff.[2] Vauld, which is also based in Singapore, on the other hand, has also implemented a 30%-lay off to its workers.[3]
Apart from those and the ones mentioned by the OP, one more can be added to the list: Crypto Exchange Zipmex Pauses Withdrawals, Citing 'Circumstances Beyond Our Control’It's a non-stop. I wonder if there is a single one that we can be sure has done things right.
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examplens
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July 21, 2022, 12:17:28 PM |
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The list of crypto exchanges forced to lay off workers in the face of a severe bear market is getting longer. Not included in the OP's list are exchanges Bybit and Vauld. The Singapore-based Bybit laid of a staggering 30% of its staff.[2] Vauld, which is also based in Singapore, on the other hand, has also implemented a 30%-lay off to its workers.[3]
Very interesting this for Bybit. on the one hand, they are cutting costs and laying off staff and yet they spend huge money on advertising. I saw their ads on Formula 1, I'm sure advertising there is not cheap. Crypto Exchange Zipmex Pauses Withdrawals,
I never heard about the Zipmex exchange. are they particularly important? I don't see that they have a significant trading volume or that they take a noticeable share in the market at all. It looks more like another small exchange like Cryptopia, Tradesatoshi, or Livecoin... which bored their owners, so they left with the user's money.
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Bitcoin_Arena
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July 21, 2022, 11:53:06 PM |
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Today I saw some news about Blockchain.com planning to lay off 25% of their workerforce, - Mass Layoffs Continue as Blockchain.com Sheds 25% of WorkforceOther notable lay-offs you could be interested to add 1. July 14, 2022: OpenSea Lays Off Roughly 20% of Its Staff 2. July 5, 2022: Crypto Exchange Bullish.com Reportedly Cuts About 10% of Workforce3. June 28, 2022: Huobi Global Could Cut Over 30% of Workforce as China Crackdown Leads to Fall in Revenue 4. June 27, 2022: Australian Crypto Exchange Banxa Lays Off 705. June 24, 2022: European Crypto Exchange Bitpanda Cuts Staff by 2706. June 20, 2022: Bybit to Reduce Workforce by 30% as Crypto Slump Drives Cost-Cutting Measures 7. June 2, 2022: Middle Eastern Crypto Exchange Rain Lays Off Dozens of Employees: Report 8. May 26, 2022: Top Latin American Crypto Exchange Bitso Lays Off 80 Employees9. May 24, 2022: Argentinian Crypto Exchange Buenbit Cuts 45%, Roughly 80 People, Due to Tech Industry Downturn 10. April 4, 2022: Crypto Exchange BitMEX Lays Off 75 WorkersSource: https://www.coindesk.com/business/2022/07/21/crypto-layoffs-opensea-blockchaincom-coinbase-gemini-among-firms-forced-to-make-mass-job-cuts/
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DaveF
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July 22, 2022, 12:08:43 PM |
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I see this going on for a while until the next 'big thing' in crypto.
Eliminating the fact that the price has fallen so their fees on trades are worth a lot less defi and NFTs are circling the drain. New tokens coming out are down to a trickle and a lot of crypto space is in a holding pattern.
You can justify keeping people around when there is something coming, but if you can't see anything coming for new work / projects they are going to be let go.
It is a micro view of the tech industry in general. Intel / AMD / Nvidia / ARM always have a new thing coming so there is always work for engineers as there is a lot of work for programmers in places like Microsoft / Adobe / Google etc. But smaller shops that are more project based routinely have layoffs.
Now what I think is more important is the percentage. Buenbit cutting 45% of it's workforce is not a good thing. Bullish letting go 10% is not that big a deal.
-Dave
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July 22, 2022, 02:54:48 PM |
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I never heard about the Zipmex exchange. are they particularly important?
No, I hadn't heard of them either, I don't think they are particularly important because of what you say, but I think they are another company that in a bullish market could hold its own. It's another one even if it's not very important and I thought I'd share it here. I don't see that they have a significant trading volume or that they take a noticeable share in the market at all. It looks more like another small exchange like Cryptopia, Tradesatoshi, or Livecoin... which bored their owners, so they left with the user's money.
In other words, an exit scam waiting to happen. In the end this will give governments an excuse for stricter regulations and more control.
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July 27, 2022, 05:08:57 PM |
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Don't know if it has been shared someplace else (couldn't find anything on ninjastic.space), but looks like Coinbase has another issue- SEC started investigating whether they listed shitcoins that were actually securities. The U.S. Securities and Exchange Commission (SEC) is investigating whether Coinbase Global Inc (COIN.O) improperly let Americans trade digital assets that should have been registered as securities, Bloomberg News reported on Monday. The SEC's scrutiny has increased ever since the crypto trading platform expanded the number of tokens in which it offers trading, Bloomberg report said, citing two sources. ( https://bloom.bg/3OyXrBk)
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