Crypto.com Cuts 20% Jobs Amid 'Unforeseeable' Industry Events (techcrunch.com) 31
Crypto exchange Crypto.com is cutting its global workforce by 20%, it said on Friday, as it navigates ongoing economic headwinds and "unforeseeable" industry events. From a report: This is the second major layoff at the Singapore-headquartered Crypto.com, which cut 250 jobs in mid-last year -- though a report suggested that more than 2,000 people were either let go or left at their own will. The company did not say what roles were being eliminated in the new round of layoff but blamed the collapse of FTX, whose misappropriation of customers' funds and bankruptcy "significantly damaged trust in the industry."
Really? (Score:5, Insightful)
I foresaw this. I think plenty of us did.
Re: Really? (Score:2)
Not Ponzi, Collective Insanity (Score:2)
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I'm sure whoever runs this operation also knew exactly what was going to happen.
Whoa wait a moment (Score:5, Interesting)
Re: Whoa wait a moment (Score:2)
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It takes a lot of people to run a scheme this large - even snake oil companies need salespeople. And if you want to move billions of units, you need a LOT of those. Plus HR, administrative, janitorial, accounting, all of the usual suspects.
Maintaining the illusion takes massive firepower.
Re: (Score:2)
Pyramid scheme; they hire you if you promise to hire two other people under you.
Who knew? (Score:2)
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Totally unforeseeable. Who could have known that we run out of bigger fools, I mean, just look around, between flat earthers and antivaxxers, you'd think there's plenty of idiots to fleece.
You keep sayign that word.. (Score:5, Insightful)
You keep saying that word.. Unforeseeable. I don't think it means what you think it means.
Most sane people saw this iceberg a long ways off and stayed the hell away from crypto. Maybe it's the techbro's blinders that didn't let them see it -- or they saw it, and thought it'd be a nothingburger. Or, they believe in Easy Money -- Money for Nothing.
I keep enjoying this, far more than I should. I don't like seeing people lose money, but then again, some people only learn by hitting the ground repeatedly. They don't accept any input other than hurt. Well.. now they're hurting.
Money for nothing (Score:3)
Re:You keep sayign that word.. (Score:5, Insightful)
Now that all the weak hands
Had to look up what that means in the context of crypto.
If you think THAT was part of the problem, that shows how completely brainwashed you are. The problem was not people too afraid of holding onto their "assets". You cannot blame people for saving themselves. Demonizing people who leave makes you a FUCKING CULT.
Thank you for introducing me to this terminology. Now I'm getting a glimpse into how cult this thing really is.
Bro: you've been brainwashed and you don't even know it. (I suppose that's what being brainwashed is)
Now that all the ... corruption have been eliminated
Are you really that retarded? You really think all the corruption has been eliminated? You really think corruption can be eliminated at all?
Re: (Score:2)
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Crypto is here to stay and it's moving back up quickly.
I just checked the current price of BTC. Nothing says "long-term stability" quite like a 20% increase in under a week.
unforeseeable? (Score:3)
damaged trust in the industry (good) prison will a (Score:2)
damaged trust in the industry (good) prison will as well for the crypto con's and some of them are not ready to become an main line inmate.
I am starting to worry. (Score:1)
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Very forward thinking of you. I got caught holding 2.5 billion pet rocks. I'm waiting for the market to swing back in my direction before I consider admitting defeat, though.
Fortune favors the... (Score:2)
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Fortune favors the last one out who turns out the lights.
No, fortune favors the first one to say "so long, suckers".
Absolutely unforeseeable. Right (Score:2)
We're talking about an industry that was literally built on "trust me, cryptobro". What was NOT foreseeable about this?
Over/Under on the stadium name? (Score:2)
How long will the stadium in DTLA stay named after these jokers?
When the renaming was announced of the place where the Lakers, Clippers, Sparks and Kings are housed I knew we had reached peak crypto-bro hubris.
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Backwards Strategy (Score:1)
If an upcoming situation is 'unforseeable' laying off experienced staff that would allow the company to more quickly adapt to future changes is the worst possible strategy.
Looking forward to it (Score:2)
Looking forward to the day when they go under and (the former) Staples Center will get a sane corporate sponsor.