Coinbase is revoking some job offers and extending a recruiting freeze

Coinbase, one of the world's largest cryptocurrency exchanges, said that it will withdraw some job offers and pause hiring indefinitely. It blamed "current market conditions" for the moves in a blog post on Thursday. "We will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers," wrote LJ Brock, the chief people officer.

Coinbase's action demonstrated how fast the cryptocurrency landscape has shifted for what was once the darling of the industry. Brian Armstrong and Fred Ehrsam cofounded Coinbase in 2012. It debuted on Nasdaq in April of last year, to much fanfare, and was valued at about $86 billion on the first day of trading.

It was the first cryptocurrency company to be named to the Fortune 500 last month. But, as earlier reports surfaced last month, Coinbase's lustre has faded this year as the value of bitcoin has halved.

As a result, the company's prospects were harmed. According to CNBC, the company's revenues plummeted 27% in the first three months of this year compared to the same period last year.