They have 3 clear motivations to exaggerate the situation:
1. Disgruntled employee wanting the employer to look dumb.
2. Oversensationalize the news to attract more attention to their job search.
3. Oversell their role in the company in hopes of getting more interviews.
For what it's worth, "me and the rest of the security team" could be one person with a handful on interns doing an experimental project in the security area. Like, trying to achieve 100% formal validation of a massive codebase, on top of existing engineering practices. Such ambitious projects do get axed at the first sign of a downturn, and it would not be a reason for panic.
I would exercise caution and stick to quantifiable facts before concluding that Patreon is run by idiots.
Patreon would, in turn, have a motivation to deny the layoff, so the truth is somewhere in between. A good independent metric would be other verifiable LinkedIn users confirming that they got sacked as well.
[0] https://www.linkedin.com/posts/emetcalfe_opentowork-activity...