After laying off 1,100 people in an 18% staffing cut in June 2022, Coinbase CEO Brian Armstrong wrote that “in hindsight, we could have cut further at that time.” The company announced that they would be laying off around 950 people, which is approximately 20% of their employees.Like the first round of layoffs, they were performed via email to employees’ personal emails, because access to internal systems had already been cut off. The public blog post acknowledged that the strategy “feels sudden and harsh”.