Coinbase’s CEO encourages angry staff to quit and blasts a “stupid” petition.
After an anonymous online petition called for many senior officials at the struggling cryptocurrency corporation to be removed from their positions, Coinbase CEO Brian Armstrong is urging dissatisfied employees to leave the company.
Following a recent fall in the firm’s fortunes, Armstrong unleashed a tweetstorm in response to a viral petition titled “Operation Revive COIN,” which asked for a “vote of no confidence” in Coinbase COO Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock.
The petition cited a “failure of the Coinbase NFT platform,” “unsustainable” employment procedures, and a “typically apathetic and occasionally condescending attitude” for the three executives named.
Armstrong slammed the plan to publicly circulate the petition as “extremely unethical,” and threatened to fire any employees found to be involved.
A request for more information from Coinbase was not immediately returned.
The petition and Armstrong’s following tweets are the latest evidence of difficulty for Coinbase, which has been under heavy pressure due to market volatility and a precipitous drop in bitcoin values.
During a broader sell-off on Monday, shares dropped more than 13%. Coinbase’s stock has lost roughly 80% of its value this year.
Coinbase has instituted a hiring embargo and even withdrew some job offers to potential workers, as reported by The Washington Post and other sites last week, citing “current market conditions and continuing company prioritization initiatives.”