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Crypto.com fires 260 employees, everyone blames Matt Damon

Crypto.com

A few months ago, the cryptocurrency landscape shone bright green, major coins soared in value, and Matt Damon was cast as the poster boy of exciting risktaking with the tagline: "Fortune favors the brave". 


Now with the cryptoscape looking decidedly desolate and every major digital asset in freefall, the Hollywood superstar has become a punching bag for online users for his role as face of Crypto.com in the infamous advert


The commercial had premiered in October 2021 and was soundly panned by critics for comparing investing in crypto-assets to historical feats like traveling to space. With the recent news of layoffs at Crypto.com, the Oscar-winning actor has come in for another round of criticism for promoting a volatile class of assets. 


Users across social media explained that everyone that bought tokens based on Damon's appearance in the ad is currently down on their luck. 

crypto tweet on Matt Damon

source: https://twitter.com/schwarz/status/1536364712589500424?t=ISmL_R7u5dR1qnH6gGEDTw&s=19


To add insult to injury, Crypto.com last week announced it will be laying off 260 employees or 5% of its workforce as part of cost-cutting measures as the industry deals with plummeting prices and a negative market sentiment. 


The company expectedly came under fire after the move, especially online, with many people claiming it as proof that crypto platforms overpromise in good times, and underdeliver when they start feeling the pressure. Many people online jeered the company for being quick to cut employees after having cumulatively spent above $1 trillion in sponsorships. 


To add insult to injury, Crypto.com last week announced it will be laying off 260 employees or 5% of its workforce as part of cost-cutting measures as the industry deals with plummeting prices and a negative market sentiment. 


The company expectedly came under fire after the move, especially online, with many people claiming it as proof that crypto platforms overpromise in good times, and underdeliver when they start feeling the pressure. Many people online jeered the company for being quick to cut employees after having cumulatively spent above $1 trillion in sponsorships. 


cryptotea


source: https://twitter.com/CryptoTea_/status/1536414264747085829?t=6j7SZfA3Xhmue7hyDwPGBw&s=19


Matt Damon, as endorser-in-chief, naturally got hit by another round of stray bullets. Fortune, it seems, is no longer favoring the bold. He continues to suffer massive criticism for encouraging the average Joe to invest their money in crypto without highlighting the risks. Nearly everyone has reported losses of some kind and many have even lost all their life savings. 


Given that Damon is stupendously rich already and presumably doesn't need more money, he's being described as a greedy opportunist. Indeed, he continues to rake in the big bucks as Crypto.com's brand ambassador. 


It must be said that the Singapore-based Crypto.com isn't the only platform showing employees the door as the crypto market plummets. BlockFi, a platform that deals with cryptocurrency lending, has activated plans to cull its workforce by approximately 20 percent. 


The most high-profile case of bear-inspired layoffs occurred at Coinbase. The exchange, regarded as cryptocurrency royalty, unveiled plans to move on from 1000 workers, about 18% of its workforce. Gemini, another popular exchange, has earlier announced plans to cut 10% of its labor force. While explaining their motivations for the move, the Winklevoss twins Tyler and Cameron described the market as having entered a "crypto winter". 


Even though crypto twitter is letting out some steam at Matt Damon's expense, everyone knows the current situation has little to do with him. The market has shed $1.1 trillion in value in less than 3 months. The global economic downturn has hit the ecosystem hard, with high interest rates, soaring inflation and crashing stocks triggering several rounds of selloffs. The spectacular collapse of Terra and Celsius's flirtations with bankruptcy have also helped to undermine confidence in crypto-assets.


According to an anonymous analyst at a big crypto exchange, the situation clearly highlights the need to bring some degree of regulation into the industry. "With little supervision currently, many platforms try to do too much too soon, spend lots of money on marketing, and end up struggling to meet their obligations to customers and employees alike. 


"Even some centralized exchanges try to dip their toes in every single pie but have to scale back down when the market turns in an unexpected direction," he said. 


Back to Matt Damon, when he starred in that infamous commercial, we're sure he wasn't expecting to become a meme just a few months later. 


As the market continues to tumble, many people who invested in bitcoin and other crypto coins because Matt Damon told them to do so have lost all their money. On the bright side—for Matt Damon, not the rest of us—he gets to keep all of his own. 


So, maybe he's having the last laugh. 😃


To stay tuned with latest crypto news, check out our Kyrrex Blog!

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Follow the competitions, join and get a chance to win valuable prizes!  


* All tournament winners and active participants will be rewarded within 5-7 business days.


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