In a post on the company blog, Coinbase CEO Brian Armstrong first blamed changing economic conditions that may lead to a “crypto winter” and waited until his third bullet point to mention that the company has “over-hired,” citing its attempt to take advantage of “new use cases enabled by crypto getting traction practically every week.
Four days ago, Armstrong responded on Twitter to an employee petition calling for the removal of Coinbase execs, calling it “really dumb on multiple levels” and encouraging employees unhappy with the situation or proposed solutions to quit.