Business

Cryptocurrency startup employee quits after recognizing significant signs of failure

The startup ecosystem has historically played a key role in shaping the crypto community into a nearly $2 trillion industry. However, many players believe in this view to constantly over-promotion and under-delivery for the big WAGMI dream.

Back December 2021, Redditor busterrulezzz thought they had landed their dream job after being hired by a crypto startup – only to realize they were now part of the problem and resign two months later.

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Redditor u / busterrulezzz: Source: Reddit

Equal report by busterrulezzz:

“First of all, the degree of disorganization and chaos is absolute madness. Each morning, we have a different target, based on the most recent trend in the market. “

The Redditor alleges that the crypto startup, which remains unnamed due to an active non-disclosure agreement, has done everything that crypto investors are generally advised against. This includes offering NFT services without the proper infrastructure, buying cryptocurrencies at all-time highs purely based on their popularity. Paraphrasing the company’s agenda, busterrulezz said:

“One of our products doesn’t work anymore because we rushed to fix it? Let’s pretend it never happened and let’s keep pushing the pink marketing articles! ”

Immediately after joining the group, the Redditor realized that a business cannot be profitable or be an effective member of the crypto ecosystem “if you cannot even define your goals and stick with it.” it”.

The Redditor further alleges that the startup actively misled and deceived investors by using bots to run official Telegram channels, impersonating community users on Discord, and collaborating with people with photos. influence to make their products popular, adding:

“This sort of thing is what gives crypto a bad name to the outside world.”

One of the biggest signs new hires notice is that of founders, who are supposedly only interested in making as much money as possible:

“We are operating like an evil hedge fund, exactly the kind of institutional crypto that has to fight.”

With this alleged perception, busterrulezz now feels like a scammer and has finally quit. Conveniently, the company did not pay wages for the previous week due to the reason of leave. However, the Reddit community wants them as an attorney to cancel the NDA and retrieve the pending payment. “Thanks for the advice, I’ll look into it,” they concluded.

Despite the unpleasant experience, the Redditor advises the community to get involved in well-known crypto businesses and “don’t waste your time on little-known startups that dream big but can’t make it happen.” presentable”.

Readers are also advised to do a thorough review of the company founders and roadmap before accepting a job offer. While the story highlights the alleged inner workings of a rogue crypto startup, some of the biggest players in crypto coming from humble backgrounds include BinanceThe world’s largest cryptocurrency exchange in terms of trading volume.

Related: UK Financial Watchdog Seeks Crypto Talent Amid New Crackdown

On the other end of the spectrum, government organizations have finally acknowledged the importance of hiring experts from within the crypto ecosystem.

As Cointelegraph reported, the UK’s Financial Conduct Authority (FCA) recently posted a job posting on LinkedIn looking for a head of digital assets and a director of payments and digital assets.

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FCA job posting. Source: Linkedin

The new role is part of the FCA’s plan to create a dedicated cryptocurrency division, the announcement notes:

“We are looking for a head of department to build and lead a new crypto division that will lead and coordinate FCA regulation in this emerging market. This is an important leadership role in a new board of directors proposed to tackle emerging business models […]”