Crypto Job Market: Cancelled Coinbase Recruits Get Emotional, Job Postings Down
As the ongoing downturn in the crypto markets continues to impact the hiring policies of numerous industry players, some recruits voice their disappointment over rescinded job offers while new signs emerge that the number of job postings is also declining.
Hao Jia and Chung Wook Ahn are among those whose job offers were rescinded after they decided to start working for major crypto exchange Coinbase. In reaction to the bearish market, the exchange has vowed to modify its earlier expansion plans for this year with regard to creating new jobs.
The 25-year-old Jia rejected an offer from tech giant Oracle to join Coinbase, but a few months later, the exchange informed him that the offer was rescinded, Marketwatch.com reported. He was not the only unlucky recruit, as Coinbase recently declared it would impose a hiring freeze for both new and backfill roles for the “foreseeable future”. The company would also rescind a few accepted offers in reaction “to the current market conditions and ongoing business prioritization efforts.”
The 27-year-old Ahn was quoted as saying that he received Coinbase’s email stating his offer had been revoked while visiting his parents in South Korea.
“I thought it was a sick joke,” Ahn was quoted as saying. “My parents tried to ease my feelings but they were also emotional, because they were also too excited,”
Some 320 people whose offers were pulled have added their names to a Coinbase Talent Hub site created by the crypto exchange. Among the people on the list, some 73% indicated that they worked in engineering, and 32% said they were international workers, according to data obtained by The Information.
Emily Landon, Founder and CEO of The Crypto Recruiters, told The Information she normally has 50 to 100 job postings on her website. However, this number is now down to about 20, and payment for listings has been an issue lately, according to Landon.
As reported, in contrast with the policy adopted by Coinbase, rival FTX declares it is not going to slow down hiring new employees despite the adverse market conditions. The company finds it significantly scaled its revenues and productivity during bullish times -- and is pursuing its hiring plans irrespectively of the industry's general performance, according to Sam Bankman-Fried, the company’s CEO.
Meanwhile, on Reddit, some users say the problem exists not only in the cryptosphere.
User drkngpoolwater said “this has been happening in a lot of tech companies in the past month or two. [I] was hired by a company only to be told 2 weeks later that they were in a hiring freeze and would be rescinding their offer. [They] know the economy is about to go south.”
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