Kraken lays off 30% of staff • Hacker News Board

Re: Kraken lays off 30% of staff

#31

Post by brezelgoring » Wed, Nov 30, 2022, 5:08 PM UTC

psychlops wrote: post #13

Don't they realize they are supposed to create a KRY currency and pump it up to supply value to their company and pay their employees? Perhaps if the CEO had gone to Stanford, he would have been better educated in effective altruism and have placed their needs higher.

>Perhaps if the CEO had gone to Stanford, he would have been better educated in effective altruism and have placed their needs higher

Careful, some might infer a snide on their church and bite back to you.

Not me, I share your view.

Re: Kraken lays off 30% of staff

#32

Post by PedroBatista » Wed, Nov 30, 2022, 5:08 PM UTC

Veen wrote: post #11

I'm flabbergasted they had so many employees that 30% is over 1000. Still, terrible time of year for this to happen to their employees.

End of the year is generally when decisions are made regarding the next year, the whole "but it's Christmas and snowy.." is cute but companies only step back from doing it if they perceive the backlash to be too big and the sentiment is not the same all over the World.

Re: Kraken lays off 30% of staff

#33

Post by programmarchy » Wed, Nov 30, 2022, 5:08 PM UTC

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?

NASDAQ is also down 30%. Crypto was down before the whole FTX scandal, too, so that doesn't explain everything.

Re: Kraken lays off 30% of staff

#34

Post by rabuse » Wed, Nov 30, 2022, 5:08 PM UTC

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?

Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.

Re: Kraken lays off 30% of staff

#35

Post by newmac » Wed, Nov 30, 2022, 5:09 PM UTC

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.

Kraken regularly used shell/cover companies to hire employees. They have a pretty complex web of fronts not-called-Kraken. Entire offices are 'employed' by one of these companies.

Re: Kraken lays off 30% of staff

#36

Post by hn_throwaway_99 » Wed, Nov 30, 2022, 5:10 PM UTC

shadowpho wrote: post #19

pb7 wrote: post #15

Earlier quoted context omitted.

Severance at most recent layoffs has been very generous. Getting laid off sucks but this is just about the best way to do it.

Quoted post unavailable.

I thought Twitter gave 3 months, no?

Re: Kraken lays off 30% of staff

#37

Post by JumpCrisscross » Wed, Nov 30, 2022, 5:10 PM UTC

rabuse wrote: post #34

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?

Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.

> Crypto simply followed the overall market effects

Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.

Re: Kraken lays off 30% of staff

#38

Post by game_the0ry » Wed, Nov 30, 2022, 5:10 PM UTC

If you have your crypto on Kraken, or ANY exchange for that matter, migrate your funds to cold storage self custody NOW. Figure it out, back up your keys on paper, it's not that hard.

Re: Kraken lays off 30% of staff

#39

Post by whimsicalism » Wed, Nov 30, 2022, 5:11 PM UTC

dylan604 wrote: post #20

Veen wrote: post #11

I'm flabbergasted they had so many employees that 30% is over 1000. Still, terrible time of year for this to happen to their employees.

Why is it that approaching a Hallmark made up consumerism focused holiday supposed to be more terrible to be laid off than any other time ?

You learn new things every day. Personally, I didn't know the Hallmark corporation was present at the Council of Nicaea (c. 325).

Re: Kraken lays off 30% of staff

#40

Post by Ekaros » Wed, Nov 30, 2022, 5:11 PM UTC

programmarchy wrote: post #33

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?

NASDAQ is also down 30%. Crypto was down before the whole FTX scandal, too, so that doesn't explain everything.

I think at current moment it is pretty much been shown that crypto is no hedge against other financial markets. It is entirely correlated. And then it has it own host of issues and probably have enough players who can't handle downturn in market...

More fun news to come.