What exactly is the issue? Company predicts that the market is not going their way, and they are tightening their belt. Sucks to be on the receiving end, but are they supposed to keep all employees forever, business conditions be damned?
Crypto is a fucking scam in the first place, so obviously I don't expect the CEO to have any sort of integrity at all, but deliberately overhiring people when they KNEW what their burn rate was... it's a whole new level of scum. Armstrong went from just another crypto dipshit to actively ruining people's livelihoods while taking a massive golden parachute.
Non of this is okay, it's not acceptable, and Coinbase (and the crypto industry as a whole) should be ashamed.