Coinbase Cuts 18% of Its Workforce in First Layoff Round

Coinbase cut 18% of its staff on June 14, 2022, a reduction CEO Brian Armstrong announced on X the same morning he emailed employees. He made that email public for every employee to read. The email put a number on the cut: nearly 1,100 people, out of a workforce that had grown almost fourfold in the previous 18 months. TechCrunch's Ivan Mehta reported the figure on June 14, citing Armstrong's blog post directly.