ConsenSys cuts were "ruthless and swift", according to staff

16 Dec, 2018
by David Robb
News
ConsenSys cuts were ruthless and swift, according to staff

In the wake of a "restructuring of priorities" at the company which saw 13 employees made redundant, ConsenSys recently held a town hall to let staff discuss their feelings. One team member at Joe Lubin's Ethereum production studio described the cuts as "ruthless and swift".

After initial rumors about layoffs started circulating due to an email sent out by Lubin last week, they were eventually confirmed a few days later. The ongoing crypto bear market of 2018 has been a key factor limiting revenues and forcing the project to cut down on staff members.

Read more: You're fired! ConsenSys now confirms it will cut 13% of its staff

According to CoinDesk, Consensys was holding a meeting to discuss developments. This involved most of its main leadership figures as well as its employees, amounting to over 1000 people. The town hall was documented by in a live chat.

The messages from staff were mixed, although many expressed feelings of confusion as well as anger. As well as questioning the layoffs by asking "Do the values we claim to profess and hold dear actually hold weight?", staff also wanted to know who "is going to be held accountable for the decisions that got us into this situation?...Who and how?".

Others were directly asking about the financial state of the company. Joe Lubin had claimed that ConsenSys's 'runway' had many months left, but this amount of time "was previously stated as years". 

Some employees claimed that the layoffs were a good thing for the company, and that "too many people were coasting by on Joe’s benevolence."

Read more: "The writing may have been on the wall" - "fired" ConsenSys employee

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Read more about: Ethereum (ETH)

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