Coinbase’s hiring freeze has had a ripple effect on would-be employees who had accepted offers from the crypto exchange, only for the company to do a one-eighty degree turn.
One candidate said he had given up a $406k job to start with Coinbase this August.
Students on Visas have been hard hit, as was the case with Ashutosh Ukey, who said he had accepted an offer from Coinbase instead of pursuing a Ph.D.
However, all is not lost, as some of the candidates who have shared their experiences with Coinbase online have received assistance in finding new opportunities.
The recently announced hiring freeze by the California-based crypto exchange of Coinbase has had a ripple effect on would-be employees who had already received job offers, only for the company to rescind them at short notice.
Coinbase had promised not to rescind any job offers, according to screenshots of alleged leaked emails.
One Would-be Coinbase Employee Gave Up a $406k Per Year Job
One such candidate, who goes by the name of Datadog, shared their experience, stating that they were supposed to start with Coinbase in August and had left a comfortable job earning $406k per year.
However, due to the turn of events at Coinbase, they have received two months of severance pay from the crypto exchange. Furthermore, they are now reaching out to their old manager to see if they can have their old job back.
Ashutosh Ukey Had Chosen Coinbase over Pursuing a Ph.D.
Ashutosh Ukey shared a similar experience on LinkedIn, further stating that he had chosen to join Coinbase instead of pursuing a Ph.D. He explained that he had rejected three Ph.D. offers and refused to interview with other companies setting his sights on the job at Coinbase.
Furthermore, Mr. Ukey described his situation as ‘devastating’ as he was to start working on a STEM OPT VISA. He explained:
After having planned so much of the next stage of my life, seeing it fall apart so quickly was heartbreaking. If anyone knows openings for entry-level Software Engineering roles (that can sponsor F1 students), your help would be very much appreciated in these trying times.
Hope As Would-be Coinbase Employees Receive Offers to Apply Elsewhere
Fortunately, all is not lost for the would-be Coinbase employees who have had their offers rescinded.
After sharing their situation online through the various social media platforms, they have received advice on possible solutions to their situation, including offers to apply at other companies.
In the case of Mr. Ukey, his story on Linkedin currently has over 700 replies with some responses asking him to apply to openings at various companies such as Google, Uber, and Chainalysis. Other Linkedin community members have offered to facilitate referrals to companies such as Apple and Amazon.
Another Linkedin community member has recommended that he reaches out to the universities that had offered him Ph.D. opportunities and proceed to explain the entire situation.
Similarly, the co-founder and CEO of Kraken, Jesse Powell, has requested any candidate affected by the Coinbase situation to tag the crypto exchange on Twitter if they are looking for another role. Mr. Powell’s Tweet can be found below.
Tag @krakenfx if you’re looking for another role in the space.