Coinbase to cut workforce by 18% amid wide crypto sell-off
CBSN
Coinbase plans to lay off 18% of its employees, CEO Brian Armstrong said Tuesday, marking yet another cryptocurrency exchange that has slashed jobs in recent weeks.
"We appear to be entering a recession after a 10-plus year economic boom," Armstrong said in a company blog post. "A recession could lead to another crypto winter, and could last for an extended period," he wrote, referring to a period when cryptocurrency prices fall and stay low for weeks on end.
"In past crypto winters, trading revenue (our largest revenue source) has declined significantly," Armstrong said in the blog post. "While it's hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment," he wrote.
Defense Secretary Pete Hegseth has ordered a review of military standards, including physical fitness, body composition and grooming. It's a review Hegseth promised during his confirmation hearing when questioned about his statements he's made that military standards have eroded.
Washington — Democratic Rep. Raúl Grijalva of Arizona died Thursday morning after "a long and brave battle" against cancer, according to his office.
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The White House is withdrawing former Florida Rep. Dave Weldon's nomination to be the director of the Centers for Disease Control and Prevention, a White House official confirmed Thursday.
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