After spending a lot of money on Super Bowl ads, leading exchanges are laying off thousands of employees.
The CEOs of the exchanges that bought ad spots during the big game this year are laying off a lot of their employees. The two companies that didn't buy Super Bowl ads have also spent a lot on wooing retail investors.
The sheer number of people affected by these firings is staggering, even though the timing of these announcements varies.
According to Vice, Coinbase laid off 1,100 staffers after the second crash, but didn't decide to do so until after the first crash. The exchange "grew too quickly" and "overhired" according to the CEO.
Even though mass layoffs are bad news for these exchanges, it's hard to ignore the fact that at least two of the companies cutting workforce numbers have paid for expensive ad spots and endorsements.
The company laid off five percent of its workforce, totaling 260 people, just before this weekend's downturn, and placed celebrity endorsements over employee wellbeing after getting roasted for its silly ad.
Jon Schwarz joked that if you bought $1,000 of bitcoin on the day of the commercial, it would now be worth $375.
For a different reason, the company got its share of clowning for the Super Bowl. The CEO of the company was called out by consultants who said they actually came up with the idea for the ad spot.
If recent history is any indication, the celebrities who have recently shilled for digital currency won't have much to say as it continues to fall.
This crash and the real human toll it's taking are reminders that the way traditional finance works is to make the rich richer at the expense of the hoi polloi.
The access to work email and documents for employees has been cut.
There is a class-action lawsuit over the "Stable coin" crash.
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