Coinbase, one of the largest shitcoin exchanges in the United States, might be facing internal turmoil as employees are not happy with the way company executives are implementing their decisions.
A post shared by a Twitter user who is the Managing Director at Swan Private Client Services, @DzambhalaHODL, reveals that Coinbase employees are worried about the future of the craptocrypto exchange following the decisions taken by Chief Operating Officer Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock, which has led to the downfall of the exchange amidst a bearish crypto market.
The ideas and plans implemented by the three executives have led to “questionable results and negative value,” according to the image of the letter signed by Coinbase employees shared by the Twitter user.
Some of the decisions taken by the three Coinbase executives pointed out by employees include:
- Failure of the Coinbase NFT platform. The platform has just over 6,000 users, according to the data on Dune Analytics, while OpenSea has more than 600,000 users.
- Workplace initiatives like Dot Collector and the Performance Review system have generated a toxic work culture not suitable for employees.
- Despite hiring more people, the exchange has failed to produce good products and services.
- Rescinding the offers provided to new recruits despite promising that such a situation won’t occur, damaging the public perception of the exchange.
In the letter, the employees also pointed out that the COO, CPO, and Chief People Officer show a condescending attitude towards the employees.
Coinbase had recently frozen hiring and rescinded offers citing macro environment conditions for the decision, according to a blog post.
The employees pointed out that the actions of the three executives have hurt “multiple parties” and went on to ask for the resignation of COO Choi, CPO Chatterjee, and Chief People Officer Brock.
“Because of these factors, we believe that Coinbase should immediately find replacements for LJ Brock, Surojit Chatterjee, and Emilie Choi. We hope to find people who have had experience in the crypto space and can run such a company more responsibly,” said the letter.
The letter also pointed out the drastic fall in the prices of the shares since the Initial Public Offering (IPO). At the time of IPO, the share was well over worth $420, and since the start of 2022, the prices of COIN shares have dropped to around $50.
According to the employees, the incompetence of the three executives has led to investors losing faith in the exchange, while the stock fall and toxic workplace a have led to “low morale and the threats of losing top talent.”
CEO of Coinbase Brian Armstrong already made a public statement and suggested those unhappy to quit their job at Coinbase.