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Coinbase CEO urges unhappy employees to quit, slams petition

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Coinbase boss Brian Armstrong is urging disgruntled employees to quit the corporate after an anonymous online petition called for several key executives on the embattled cryptocurrency firm to be faraway from their posts.

Armstrong unleashed a tweetstorm in response to a viral petition dubbed “Operation Revive COIN.” The petition, purportedly written by Coinbase employees, called for a “vote of no confidence” in Coinbase COO Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock following a recent downturn within the firm’s fortunes.

“This is de facto dumb on multiple levels,” Armstrong tweeted on Friday alongside a link to the now-deleted post. “To start with, if you desire to do a vote of no confidence, it is best to do it on me and never blame the execs. Who do you think that is running this company? I used to be slightly offended to not be included :).”

“Second, if you have got no confidence within the execs or CEO of an organization then why are you working at that company? Quit and find an organization to work at that you just imagine in!” he added.

2/ To start with, if you desire to do a vote of no confidence, it is best to do it on me and never blame the execs. Who do you think that is running this company? I used to be slightly offended to not be included 🙂

— Brian Armstrong – barmstrong.eth (@brian_armstrong) June 10, 2022

4/ Third, making suggestions on tips on how to improve the corporate is a fantastic idea (the truth is, we expect everyone to be a component of that). But our culture is to praise in public, and criticize in private.

— Brian Armstrong – barmstrong.eth (@brian_armstrong) June 10, 2022

The petition pointed to several alleged missteps at Coinbase under current executive leadership, including which it described because the “failure of the Coinbase NFT platform,” “unsustainable” hiring practices and a “generally apathetic and sometimes condescending attitude” for the three executives it referenced.

Armstrong called the choice to publicly flow into the petition “deeply unethical” and warned that any employees found to be responsible could be terminated.

“It’s also dumb because in case you get caught you can be fired, and it’s just not an efficient strategy to get what you claim to want,” he tweeted.

Coinbase CEO Brian Armstrong warned that any employees liable for the petition could be fired.AFP via Getty Images

Coinbase representatives didn’t immediately return a request for further comment.

The petition and subsequent tweets from Armstrong are the most recent sign of trouble at Coinbase, which has been under intense pressure as market volatility and a steep plunge in cryptocurrency prices weigh on its stock.

Shares fell greater than 13% in trading Monday during a broader selloff. Coinbase’s stock is down by nearly 80% thus far this 12 months.

As The Post and other outlets reported last week, Coinbase has enacted a hiring freeze and even rescinded some job offers to latest hires as a consequence of “current market conditions and ongoing business prioritization efforts.”

Coinbase officeCoinbase recently enacted a hiring freeze.The Washington Post via Getty Im

Brock, considered one of the executives targeted within the petition, addressed the choice in a memo to staffers.

“We at all times knew crypto could be volatile, but that volatility alongside larger economic aspects may test the corporate, and us personally, in latest ways,” Brock wrote. “If we’re flexible and resilient, and remain focused on the long run, Coinbase will come out stronger on the opposite side.”

The hiring freeze also followed a weak first-quarter earnings report and a warning from Coinbase that the crypto holdings of its customers could possibly be in danger if the firm were to go bankrupt.

Armstrong sought to downplay public fears about that warning, chalking up the message to updated SEC requirements and declaring Coinbase was at “no risk of bankruptcy.”

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