Layoffs at CoinDCX
Are you impacted?
Crypto puura Farzi scheme hai, ekdin saare dubenge. Even Coinbase, Binance had to layoff and are struggling with multiple things
College grads investing Papa's money in crypto and giving investment gyans!
Maybe you don’t understand the space you’re in. Read and learn about the space you’re in child.
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Ryotsu_
Stealth
a year ago
CEO emailed in the morning, telling employees they are short on cash and hence they have to layoff folks, guessing majority employees are impacted. Very limited severance options, only notice period salary is proposed which is peanuts.
It isn't just notice period pay. A bunch of other stuff is given, which I think is fair
Anonym
Stealth
a year ago
What other stuff is being provided? I’m aware about notice period severance only
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I got the offer from the CoinDCX a few months ago they heavily lowballed me and culture didn't look good as well. So I decided not to join them. Saved by God Grace.
RedUrgency12
Stealth
a year ago
Dodged a bullet i see
micheal_scott
Stealth
a year ago
Very happy for you. The team culture is the worst. The only skill you need is to be able to lick ass and bullshit around
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Ex empl here, was lucky that I left this shit. Culture had become increasingly toxic. Esp in tech, growth, analytics, product teams I heard and mainly due to nepotism and favoritism. They recently let go a Engineering VP in Okto - he was good I heard and no one knows if he was asked to go or he left. Reason all in Okto team told my colleagues - was because of CTO's . I heard for his fav kids within tech team. Imagine how toxic the culture is! There is also a big gap driven between CoinDCX and Okto. This layoff in CoinDCX was inevitable as Okto is a money burning darling of one of the founders. Untouched in this layoff I heard. The guy who heads Okto is a fantastic storyteller. He brings in 0 revenue business, no PMF and still layoff happnd in CoinDCX teams! Biggest irony is those hard working, talented guys whom they had hired from outside industry (Head of Analytics, Head of CS, Head of Product, Head of Compliance, Head of Incident Security) are all very very capable but toothless tigers! Zero decision making power as what the IITian founder kids and their darlings (COO, CTO) say is the truth. HR is also just namesake HR and lacks real power or willingness to enact change beyond townhall spiel.
Advice to Management
In place of this layoff, you should have fired your CTO, his hopeless deputies, paused Okto ops, saved $ there, fired a few more incompetent folks in product and growth team who are your IIT batchmates or favorites (for no contribution). The org would be cleaner, efficient! But what I heard from some ex-mates impacted is that you chose absolute bottom of pyramid and excluded favorites ones. This will not lead you anywhere! This will increase nepotism and encourage these oldies who tend to focus on building visibility only and no real substance. More interested in being visibility and gyaan champions.
And yes one more advice, stop obsessing over IITians! They are no special species with extra wings vs a normal person.
I have heard the VP story. Apparently, a Staff Engineer complained against the VP and resigned. Turns out the complaint was genuine and the same concern was shared by other people too. This led to the firing of that VP while retaining the Staff Engineer.
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It was only a matter of time sadly. I think the good talent would have left much before
Do you know how many people are impacted? How large is this?
Also, as somebody who still has some money in crypto wallets, how safe is it to stay?
Ryotsu_
Stealth
a year ago
Not very sure of the number, expecting to be around 100 considering they have continuously fired people this year.
w.r.t crypto wallets, I think its time to choose a better exchange than coindcx
I used to hold long on CoinDCX but now ig it's time to shift to a new exchange. Afaik a few exchanges like Density Exchange are doing pretty well.
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PastaChef
Stealth
a year ago
Centralized Crypto Exchanges are always a bad choice for a job in th Crypto and Web 3.0 space.
You should get into Crypto Infra firms. Not Exchanges. Especially when these DEXs are coming up and Bear market is going on.
DarkerKnight
Stealth
a year ago
is it weird that I don't know any of the things you said here? :/
donna
Stealth
a year ago
lol
BrainDeadPM
Stealth
a year ago
I don’t know what the exact number of layoffs is. But it will not be all the layoffs they did.
They gave people weird feedback, pushed PIP on a lot of folks just so that they would resign. Alot of them did. Sadly they don’t get the severance benefits and the damage to self worth is worse imo.
BrainDeadPM
Stealth
a year ago
Not sure. I think it will differ with role and level.
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BronzePotato
Student
a year ago
They just capitalized on the crypto hype now post Ftx bubble and tax regulations, they are fucked
Barbaadeshwar
Stealth
a year ago
Thank God got rejected in round 1 hahahahahahhaa
Ceo and rest of the leadership went on a retreat last month, spending over 1Cr and leaders drank alcohol and did drugs with no remorse
Anonym
Stealth
a year ago
Pretty serious allegations, is it legit?
ExpertCape
Stealth
a year ago
Drugs. OMG.
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BingoMadAngles
Stealth
a year ago
Lol
Rakz
Stealth
a year ago
Got an offer from them this month, talked to HR and manager about this and they are not aware of this. Rethinking about them right now.
MightyLazyGeekStar
Stealth
a year ago
Haha. Highly improbably that the HR person is unaware of the same. Just diffusing the situation :)
Joined this shit in 2022 as they were giving 60% hike. Left after 5 months. Worst leadership ever. Shitty founder.
DeGrowthTechie
Stealth
a year ago
Coindcx reinvents wheels every quarter.
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