Crypto startup employee resigns after realizing telltale signs of failure

The startup ecosystem has historically played a vital role in transforming the crypto community into a nearly $2 trillion industry. Howe...

The startup ecosystem has historically played a vital role in transforming the crypto community into a nearly $2 trillion industry. However, many actors capitalize on this notion to constantly over-promise and under-deliver WAGMI’s big dream.

Back in 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 quit their jobs two months later.

Redditor u/busterrulezzz: Source: Reddit

As recount by busterrulezzz:

“First of all, the level of disorganization and chaos was absolute madness. Every morning we had a different target, based on the most recent market trend.

The Redditor alleged that the crypto startup, which will remain anonymous due to an active nondisclosure agreement, did everything that crypto investors are generally advised against. This included offering NFT services without proper infrastructure, buying cryptocurrencies at their all-time high solely based on their popularity. Paraphrasing the company’s program, busterrulezzz said:

“One of our products no longer works because we rushed a bug fix? Let’s just pretend it never happened and keep posting pink marketing articles! »

Shortly after joining the team, the Redditor realized that a business can’t be profitable or a productive member of the crypto ecosystem “if you can’t even set your goals and stick to them.” .

The Redditor further alleged that the startup proactively tricked and deceived investors by using bots to run official Telegram channels, simulating community users on Discord, and partnering with influencers to make their claims. popular products, adding that:

“Stuff like this is what gives crypto its bad name with the outside world.”

One of the biggest red flags the new hire noticed was the founders, who were reportedly only interested in making as much money as possible as quickly as possible:

“We were acting like an evil hedge fund, precisely the type of institution that crypto is supposed to fight.”

With this alleged realization, busterrulezzz now felt like a con man and ended up quitting his job. Conveniently enough, the company didn’t pay a salary last week for running away. The Reddit community, however, wants them to get a lawyer to get the NDA overturned and recover the pending payment. “Thanks for the advice, I’ll find out,” they concluded.

Despite the unpleasant experience, the Redditor advises the community to join well-known crypto firms and “don’t waste your time on little-known startups that have big dreams, but can’t deliver.”

Readers are also advised to do their due diligence regarding company founders and track record before accepting job invitations. While the story sheds light on the alleged inner workings of a fraudulent crypto startup, some of the biggest crypto players come from humble backgrounds, including Binancethe largest crypto exchange in the world by trading volume.

Related: UK financial watchdog seeks crypto talent amid new crackdown

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

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

FCA job vacancies. Source: Linkedin

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

“We are looking for a Head of Department to build and lead a new Crypto Department that will lead and coordinate FCA regulatory activity in this emerging market. This is a critical leadership role within a proposed new direction dealing with emerging business models […]”