Coinbase has <a href="https://www.theinformation.com/articles/coinbase-is-cutting-more-jobs" target="_blank" rel="nofollow noopener">announced</a> the layoff of more than 60 employees in the midst of a volatile market sparked by the eventual collapse of another cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/justin-sun-claims-to-be-collaborating-with-ftx-on-solution">FTX</a>. In a statement, the American cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/coinbase-files-petition-in-defense-of-ripple-in-sec-case">Coinbase</a> stated that the intention to terminate employees involved in hiring and onboarding would help it run as effectively as possible.
<h2>Coinbase Employees Termination</h2>
According to a corporate representative, impacted employees will get substantial retirement compensation. When Coinbase reorganized its production team in early November, 1,100 positions, or 18% of its staff, were lost in June.

Additionally, the chief product officer, Surojit Chatterjee, left the exchange after being lured away from Google three years ago in return for an enormous $646 million salary deal. According to a Coinbase <a href="https://www.cryptoknowmics.com/news/department-of-justice-doj-supports-sec-in-ftx-investigation-wsj">SEC</a> filing, Chatterjee will serve as Armstrong's advisor while on leave until at least February 2023.
<h2>FTX Decline Impact on Crypto Market</h2>
The cryptocurrency market has been rocked by FTX's abrupt decline in reputation. Trading platforms like Coinbase and Binance seem specifically focused on demonstrating that they are not committing and would not make the mistakes that could have led to FTX's problems.

Coinbase Lays Off Over 60 Employees Following Crypto Market Volatility

Coinbase stated that the decision of the termination of employees involved in hiring and onboarding would help it run as effectively as possible.

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Coinbase Lays Off Over 60 Employees Following Crypto Market Volatility

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