<p>Coinbase announced plans to <a href="http://dailywire.com/topic/unemployment" target="_blank" rel="noopener">dismiss</a> roughly 20% of its employees for the second time in seven months amid <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">headwinds</a> in the broader <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> sector.</p>
<p>The collapse of exchange platform FTX and the highly publicized prosecution of <a href="http://dailywire.com/topic/sam-bankman-fried" target="_blank" rel="noopener">Sam Bankman-Fried</a>, the company’s former chief executive, has produced hesitancy toward cryptocurrency products in recent months. Coinbase CEO Brian Armstrong said in a <a href="https://www.coinbase.com/blog/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees?clickId=1pVR-3RzfxyNUCESf4yMnTk6UkAwXNTRo0732g0&amp;utm_source=impact&amp;utm_medium=growthp&amp;utm_campaign=rt_p_m_w_d_acq_imp_gro_aff_Skimbit%20Ltd.&amp;utm_content=552039&amp;utm_creative=Online%20Tracking%20Link&amp;irgwc=1" target="_blank" rel="noopener">message</a> to employees that “unscrupulous actors in the industry” and the potential of “further contagion” are presenting near-term difficulties for the company, which in turn necessitate cost reduction measures through which 950 employees will be dismissed.</p>
<p>Armstrong said that the failure of a “large competitor” and the increased “regulatory clarity” that will emerge from the collapse of FTX would produce long-term benefits for his company.</p>
<p>“But it will take time for these changes to come to fruition and we need to make sure we have the appropriate operational efficiency to weather downturns,” he remarked.</p>
<p>Armstrong added that Coinbase had survived multiple bear markets in the sector over the last decade, noting that the most recent selloff is the first in the company’s history to occur amid broader macroeconomic pressures.</p>
<p>“As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario,” he continued. “While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount.”</p>
<p>The layoffs occur after Coinbase <a href="https://www.dailywire.com/news/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff" target="_blank" rel="noopener">dismissed</a> 18% of workers in June over concerns that the economy would enter a recession. The exchange rate for bitcoin, the digital asset with the largest market capitalization, has fallen from $22,500 in June to $17,400.</p>
<p>Armstrong said last year that past “crypto winters” have decreased trading volume and thereby impacted Coinbase’s primary source of revenue. Though the company had grown 200% year-over-year since the beginning of 2021, Armstrong concluded that he “over-hired” during the boom in popularity of digital currency products and services.</p>
<p>More recently, however, exposure of commingled funds between FTX and Alameda Research, a trading firm controlled by Bankman-Fried, prompted consumers to withdraw their assets from cryptocurrency platforms, inducing multiple liquidity crises. BlockFi, a lending platform, <a href="https://www.dailywire.com/news/crypto-company-blockfi-files-for-bankruptcy-after-ftx-collapse" target="_blank" rel="noopener">filed for bankruptcy</a> days after FTX was rendered insolvent; firms such as Genesis <a href="https://www.dailywire.com/news/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt" target="_blank" rel="noopener">indicated</a> the looming possibility of bankruptcy, while Voyager and Celsius had already declared bankruptcy months earlier.</p>
<p>A <a href="https://www.dailywire.com/news/investors-much-more-skeptical-of-crypto-after-brutal-bear-market-ftx-collapse" target="_blank" rel="noopener">survey</a> conducted by CNBC and Momentive found that 60% of Americans see the risk of cryptocurrency investments as “high.” Another 26% see cryptocurrencies as moderately risky, while only 10% say the assets carry “little” or no risk.</p>
<p>Bankman-Fried, whose various connections in the federal government rose to public consciousness following the collapse of his companies, pleaded <a href="https://www.dailywire.com/news/sam-bankman-fried-pleads-not-guilty-allowed-to-conceal-who-is-securing-his-250-million-bond" target="_blank" rel="noopener">not guilty</a> last week to eight charges, which include conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to defraud the Federal Election Commission through campaign finance violations.</p>
<p>Mark Cohen, a lawyer for Bankman-Fried who formerly <a href="https://www.dailywire.com/news/sam-bankman-fried-hires-attorney-who-defended-epstein-confidant-ghislaine-maxwell" target="_blank" rel="noopener">defended</a> Jeffrey Epstein confidant Ghislaine Maxwell, successfully requested that U.S. District Judge Lewis Kaplan permit the sealing of the names and addresses of two unknown individuals who secured a $250 million bond for Bankman-Fried.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Major Crypto Platform Cuts Headcount 20% For The Second Time In Seven Months

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Business

Cryptocurrency

Economy

Recession

Unemployment

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Major Crypto Platform Cuts Headcount 20% For The Second Time In Seven Months