An illustration with the Coinbase logo reflected on a phone screen.

The once-mightycryptocurrencies exchange, which reported a 4,900% increase in profits in 2021, said it was pausing hiring because of the current market conditions. The company decided to be the biggest of assholes when it said that it would not accept job offers from people who hadn't started working.

A number of affected individuals would be told via email that they no longer had a job waiting for them.

Brock said that the decision to only grow in the highest priority areas was necessary. There are limited exceptions that will be managed the same way as backfills.

When the markets open with no clear end in sight, the crash of the stablecoins Terra and Luna has taught fans of the digital currency that they need to be prepared. The human employees that run the companies that support them are the latest casualty of the plunge in the market.

It is unlikely that many new hires, even backfilled positions, will be excepted from the new policy. Roles related to security, compliance, and other critical work are not covered by the policy on backfills.

The company takes responsibility for the experience of those impacted, and the decision was not a reflection of the talent of people it had offered jobs to. Brock said that the company would extend its generous severance philosophy to those affected by the company's decision to help offset the financial impact on individuals.

The number of people affected by the decision did not get a response from the company by the time of publication.

A talent hub will be offered to the people it pulled job offers from. Two weeks after announcing it was slowing hiring, the company updated its jobs and hiring information. At the beginning of the year, there was a plan to triple the company's size. According to CNBC, it has lost more than 70% of its value as crytocurrencies have plummeted.

Brock said that the company would have to navigate through the current cycle.

The executive wrote that the company and people may be tested in new ways because of the volatile nature of the asset. The other side will come out stronger if we are flexible and resilient.