Coverage dated June 13, 2022

Coinbase to cut workforce by 18% amid wide crypto sell-off

Headline from CBS News

CEO Brian Armstrong said layoffs will help the company weather the storm of a predicted "crypto winter."

CBS News's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.

Read the reports

Reports & sources

11 articles, oldest first.

Los Angeles Times
Coinbase to lay off 18% of workforce as crypto winter hits (opens Los Angeles Times)
Published Jun 13, 2022
Los Angeles Times's feed description
The crypto exchange follows in the footsteps of other cryptocurrency-related businesses that have cut staff, citing the arrival of a crypto winter.
NPR
Coinbase lays off 18% of its workforce. The CEO cites an upcoming crypto winter (opens NPR)
Published Jun 13, 2022
NPR's feed description
The company's platform allows people to buy and sell cryptocurrency. It had just gone public last year.
Fast Company
Crypto layoffs loom as tokens crash: Coinbase, Crypto.com, and others cut staff (opens Fast Company)
Published Jun 13, 2022
Fast Company's feed description
Crypto bosses are citing economic conditions and too-fast growth as reasons for cutting staff. The value of coins like Bitcoin has declined in recent days.
Breitbart News
'Crypto Winter' Is Coming: Coinbase Lays Off 18% of Workforce, Warns of Recession (opens Breitbart News)
Published Jun 13, 2022
Breitbart News's feed description
Crypto trading platform Coinbase will cut 18 percent of its staff with CEO Brian Armstrong warning of a worldwide recession and the possibility of a "crypto winter."
CBS News
Coinbase to cut workforce by 18% amid wide crypto sell-off (opens CBS News)
Published Jun 13, 2022
CBS News's feed description
CEO Brian Armstrong said layoffs will help the company weather the storm of a predicted "crypto winter."
Forbes
Coinbase Lays Off 1,100 Employees—Billionaire CEO Warns Recession Could Worsen Impact Of $1 Trillion Crypto Crash (opens Forbes)
Published Jun 13, 2022
Forbes's feed description
"We grew too quickly," CEO Brian Armstrong wrote in a letter on Tuesday.
Engadget
Coinbase cuts roughly 1,100 jobs amid fears of a 'crypto winter' (opens Engadget)
Published Jun 13, 2022
Engadget's feed description
Coinbase is cutting 18 percent of its workforce, or about 1,100 jobs, as the crypto world continues to struggle..
NBC News
Coinbase to cut 1,100 jobs amid turmoil in crypto markets (opens NBC News)
Published Jun 13, 2022
NBC News's feed description
The layoffs come a day after Bitcoin fell as much as 14 percent after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers.
Insider
Coinbase says it will lay off 1,100 employees as it restructures amid a crypto bloodbath (opens Insider)
Published Jun 13, 2022
Insider's feed description
The cryptocurrency platform said its workforce will be reduced to about 5,000 workers by the end of the second quarter of 2022.
New York Times
Coinbase says it will cut 18 percent of its work force. (opens New York Times)
Published Jun 13, 2022
New York Times's feed description
The cryptocurrency exchange’s chief executive said it had “over-hired” during the bull market as adoption of crypto products was booming.
NBC10 Philadelphia
Coinbase Lays Off 18% of Workforce as Executives Prepare for Recession and ‘Crypto Winter' (opens NBC10 Philadelphia)
Published Jun 13, 2022
NBC10 Philadelphia's feed description
Coinbase is laying off almost a fifth of its workforce amid a collapse in crypto prices.