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Coinbase's Chaotic Day of Job Cuts Follows Rapid Hiring Spree

The crypto exchange slashed 18% of its workforce Tuesday, cutting off access to laptops and email before some employees got the news.

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Coinbase to Lay Off 18% of Workers Amid Crypto Crisis

Andrew Grass helped hire about 200 people at Coinbase Global Inc. earlier this year. Now most of those hires — and Grass himself — are gone.

In a process that several former employees described as impersonal and shocking, the largest US digital-asset trading platform on Tuesday cut about 18% of its workforce, or roughly 1,100 jobs, citing the plunge in cryptocurrencies and worsening economic conditions.