Crypto Startup Employee Quits After Noticing Telltale Signs of Failure

Crypto Startup Employee Quits After Noticing Telltale Signs of Failure

The startup ecosystem has historically played a vital role in shaping the cryptocurrency community in a nearly $2 trillion industry. However, numerous actors rely on this notion to over-promise and not fulfill the great WAGMI dream.

In December 2021, Redditor busterrulezzz thought he had landed his dream job after being hired by a cryptocurrency startup, only to realize that he was now part of the problem and resigned from the position two months later.

Redditor u/busterrulezzz: Source: Reddit

As narrated by busterrulezzz:

“First of all, the level of disorganization and chaos was absolutely insane. Every morning we had a different goal, based on the latest market trend.”

The Redditor alleged that the cryptocurrency startupwhich will remain unnamed due to an active non-disclosure agreement, did everything that cryptocurrency investors are usually advised against. This included offer NFT services without adequate infrastructure, buy cryptocurrencies at their all-time highs purely based on their popularity. Paraphrasing the company’s agenda, busterrulezzz stated that:

“One of our products no longer works because we rushed to apply a patch to fix bugs? Let’s pretend it never happened and keep pushing the rosy marketing stuff.”

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

The Redditor further alleged that the startup proactively misled and duped investors by using bots to run official Telegram channels, spoofing community users on Discord, and partnering with influencers to make their products appear popularadding that:

“These kinds of things are what give cryptocurrencies their bad reputation with the outside world.”

One of the biggest red flags the new hire noticed was the founders, who seemed only interested in making the most money as soon as possible:

“We were acting like an evil hedge fund, precisely the kind of institution that is supposed to combat cryptocurrencies.”

With this alleged finding, busterrulezzz felt like a scammer and ended up quitting his job. Conveniently, the company didn’t pay last week’s wages because he ran away. The Reddit community, however, wants some lawyers to get the NDA overturned and recover the outstanding payment. “Thanks for the advice, I’ll look into it,” she concluded.

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

Readers are also advised to do their due research on the founders and company roadmap before accepting job invitations.. While the story highlights the alleged inner workings of a fraudulent crypto startup, some of the biggest crypto players come from humble beginnings, including Binance, the world’s largest crypto exchange in terms of trading volume.

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

As Cointelegraph reported, the UK Financial Conduct Authority (FCA) recently posted job openings on LinkedIn Looking for a Head of the Digital Assets Department and a Director of the Payments and Digital Assets Department.

Crypto Startup Employee Quits After Noticing Telltale Signs of Failure
FCA Job Ads. Source: LinkedIn

The new post is part of the FCA’s plan to establish a dedicated cryptocurrency department.According to the announcement:

“We are looking for a department head to build and lead a new cryptocurrency department, which will lead and coordinate the FCA’s regulatory activity in this emerging market. This is a critical leadership role within a proposed new direction dealing with cryptocurrencies. emerging business models […]”

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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