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Kraken lays off 30% of staff

blog.kraken.com

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Re: Kraken lays off 30% of staff

#21

Post by woodruffw »

aruanavekar wrote: post #17

Strange, LinkedIn shows staff of 500+ https://www.linkedin.com/company/krakenfx/ and the press-release mentioned "1,100 people, or 30 percent". Number do not add up.

LinkedIn showed ~3400 for them when I checked a few days ago, so 1,100 is approximately 30%.

Re: Kraken lays off 30% of staff

#22

Post by masklinn »

woodruffw wrote: post #18

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?

In fairness the astonishing amounts of fraud have been there all along.

Re: Kraken lays off 30% of staff

#23

Post by hoffs »

woodruffw wrote: post #18

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?

I guess stripe and others that had layoffs are also full of fraud

Re: Kraken lays off 30% of staff

#24

Post by lucasmullens »

aruanavekar wrote: post #17

Strange, LinkedIn shows staff of 500+ https://www.linkedin.com/company/krakenfx/ and the press-release mentioned "1,100 people, or 30 percent". Number do not add up.

Did someone see your comment and change it? I see "3,400+ Krakenites" and "1,001-5,000 employees".

Re: Kraken lays off 30% of staff

#27

Post by JumpCrisscross »

woodruffw wrote: post #18

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?

> rather than astonishing amounts of fraud

Macro weighs more on crypto than geopolitics or fraud. Fraud never deterred millions from dumping savings, reputations and careers into this mess. The inflection point, for crypto, as with other risk assets, was the Fed.

Re: Kraken lays off 30% of staff

#28

Post by diehunde »

CommitSyn wrote: post #4

> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?

I don't know if you are genuinely curious but this question is getting kind of old. Every time a company does layoffs, somebody asks, "why does an X company need X number of people?". Every opening has a purpose. No company hires people for fun, and unless you are a company employee you don't know all the different areas, projects, and support staff a company needs to run when they are actually a business trying to make money.

Re: Kraken lays off 30% of staff

#29

Post by hn_throwaway_99 »

CommitSyn wrote: post #4

> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?

I feel like HN should just auto add a comment that says "Why does need employees?" with a follow up comment that explains how large corporations work. It literally comes up in every single layoff announcement or other discussion of company size in some way, and the follow on comments are essentially the same every single time.

I'm not saying that a lot of these companies aren't overstaffed (indeed, that's why they are having layoffs!) but these questions always come across as pretty naive in the same way I hear "It's just a website! I could build that in a weekend"-type comments.

Re: Kraken lays off 30% of staff

#30

Post by woodruffw »

masklinn wrote: post #22
woodruffw wrote: post #18

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?

In fairness the astonishing amounts of fraud have been there all along.

Very true! I guess "precipitation of the consequences of fraud" would have been more precise.
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