Online Sources Say Coinbase Is Laying Off 300 Employees

May 1, 2022 6:22 pm

According to sources on Reddit and Twitter, Coinbase may have just had a town hall meeting that just informed 300 employees that they would be laid off.

The specific details of the call are still unknown as of right now, but it seems that the last day for these employees are on the 2oth of May.

Most of the employees are supposedly call center agents which means that they are people who deal directly with customer information which could be considered confidential data.

As a result, there could be an increased risk to customer account data when you consider the fact that there is a possibility that unemployed call center agents still have access to vital data within the Coinbase system.

Sources on Reddit report:

Title. Everyone was pulled into a town hall meeting and we were told we are all losing our jobs on the 20th of May.

If you use coinbase, you need to be aware of the following:

300+ angry and soon to be unemployed coinbase agents have full administrative access to your Coinbase account, your KYC information, and your assets.

There are little to no security measures in place. One dishonest agent with a cellphone can easily drain your account with no recourse.

Stay safe and remember, we are expendable.

As of right now, it is still unclear where the source of the information is coming from as reports of this town hall meeting have only been mentioned a couple times on Twitter and Reddit.

Therefore, there is a chance that the claim is incorrect due to a lack of confirmed info.

Despite that, it could be assumed that the source would most likely be coming from an existing Coinbase employee given that only employees would know that there was a town hall meeting and its specific details.

Given that Coinbase accounts contain information like wallet addresses and balances, the user on Reddit is advocating for customers to get their assets off of Coinbase and into a private wallet.

The recommendation is so that one can play safe and ensure that their digital assets are secured and are not dependent on the security of Coinbase.

After all, it has never been a good idea to store a large amount of crypto on exchange wallets in the first place given that they are subject to regulations and potential hacks.

A Twitter user shared:

Is

@coinbase

about to collapse? COINBASE JUST FIRED 300 STAFF

The tweet had attracted some attention as the announcement seemed to come out of the blue.

Some users commented that Coinbase’s call center agents were never really good to responding to their support requests in the first place so that it didn’t matter too much.

The news also comes at a time where there are news that Coinbase is on a hiring spree due to the growing crypto industry and that this layoff might just be a company reorganization.

With that being said, it is always better to play it on the safe side if a user is not comfortable with trusting their crypto data with Coinbase given that many laid off employees still have access to that data until their last day.

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