Layoffs at CoinDCX

Crypto puura Farzi scheme hai, ekdin saare dubenge. Even Coinbase, Binance had to layoff and are struggling with multiple things

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.

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.

Did they fire Ayushman Khurana as well?

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.

I guess only Coinbase is fine in this crypto space

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?

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.

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.