Coinbase Employee Unleashes Petition: A Call for Executive Accountability

The Petition That Shook Coinbase

In a surprising turn of events, a disgruntled Coinbase employee, known by the enigmatic handle 0x58E3, launched a petition dubbed Operation Revive COIN on Mirror.xyz. Though the petition was quickly taken down, its controversial call for action was preserved by the Internet Archive, ensuring that the employee’s grievances aren’t going unnoticed.

Who’s in the Hot Seat?

The petition targets three key figures in Coinbase’s executive team: Emilie Choi (COO), Surojit Chatterjee (CPO), and LJ Brock (CPO). The author isn’t holding back—they accuse the executives of spearheading plans that resulted in dismal outcomes and questionable values. Let’s break down the alleged sins of these high-ranking individuals:

• Failure to launch a successful NFT platform
• Revoking job offers to prospective employees
• Mismanagement of company resources
• Creating a toxic work environment
• Overlooking employee concerns

The petition wraps it up with a hopeful note: a demand for leadership with actual crypto experience to steer the company in a more responsible direction.

CEO Brian Armstrong’s Twitter Reaction

Coinbase CEO Brian Armstrong fired back on Twitter the morning following the petition’s surge. His series of 16 tweets might as well have been titled “How Not to Handle Employee Grievances 101.” Armstrong emphasized the company culture of publicly praising achievements, while keeping critiques private. Also, he was evidently astonished to discover he wasn’t included on the list of executives to dump, and instead suggested it was the disgruntled employees that should reconsider their positions.

“This is really dumb on multiple levels.”
— Brian Armstrong

Market Reactions and the Ripple Effect

The timing of the petition couldn’t have been worse for Coinbase. Following a turbulent May for the cryptocurrency industry, Coinbase’s shares took a tumble, raising eyebrows among shareholders and customers alike. The company had become an easy target for discussion, especially with insider trading rumors swirling like a drama queen at a cocktail party.

Looking Ahead: What’s Next for Coinbase?

As the dust settles from this public backlash, the future of Coinbase hangs in the balance. Will the petition spark a change in leadership? Or will it be seen as just another momentary Twitter storm? One thing is certain: employees and stakeholders alike will be watching closely as Coinbase navigates these choppy waters.