Exclusive: Employees of Crypto Firm Koinly Reveal Shocking Details About Surprise Company Layoffs – Executives Kept in the Dark?
Koinly, a crypto tax reporting platform, has laid off 14% of its team, citing "the intensifying bear market" – but several employees have claimed that the cuts affected more people and were carried out unprofessionally with poor communication.
“In a bid to combat the challenging conditions facing the cryptocurrency market and economy at large, Koinly has today announced a round of job cuts to its global team,” said a press release on Tuesday.
Founder and CEO of the company, Robin Singh, explained that the job cuts are a response to the ongoing market downturn, worsened by the infamous collapse of the FTX exchange.
According to Singh,
“We are seeing fewer people reporting crypto on their tax returns, mostly because there are a lot of losses this year.”
The press release added that investors are unaware that filing losses on their tax returns would benefit them long-term, as these can be used to offset gains in future years.
The short press release came – coincidentally or not – at the time when the word got out about potential whistleblowers.
A few days before the official announcement, Cryptonews.com heard from five current and former employees under the condition of anonymity, regarding their experience at Koinly, specifically the layoffs.
Their experiences are largely similar or the same. Among the allegations made, the staff members claim that Koinly had no communication with the employees regarding the layoffs, that they weren’t officially informed when their colleagues were let go, and that they were kept in the dark during the entire process, causing a constant state of uncertainty over their employment and a huge amount of stress.
The sources claim that the layoffs were a surprise even to a number of Koinly executives. An
Read more on cryptonews.com
