Coinbase, founded in San Francisco, grapples with internal crisis as 1,100 employees laid off

Commentators on the forum critiqued Armstrong for publicly dragging his workers, calling him 'childish' and advising him to 'listen to his own point.' — Bloomberg

Coinbase, the notorious cryptocurrency exchange founded in San Francisco, appears to be grappling with an internal crisis of sorts as it deals with tech and crypto industry headwinds.

On Tuesday, the company announced that it would lay off 1,100 employees — nearly a fifth of its staff. It's the final blow to the company's rapid reversal of fortunes; after embarking on a mass hiring spree and a titanic Super Bowl ad earlier this year, the company paused hiring and reneged on already-accepted job offers.