The Redditor saw red flags in the form of offering NFT services without sufficient infrastructure and purchasing crypto at ATH solely on the basis of popularity.
The startup environment has long been credited with helping to shape the crypto community into a nearly $2 trillion industry. Many players, on the other hand, rely on this belief to continuously overpromise and underdeliver on the big WAGMI dream.
After being employed by a crypto firm in December 2021, Redditor busterrulezzz felt they had landed their dream job — only to discover that they were now a part of the problem and left two months later.
According to busterrulezzz:
“First and foremost, the level of disorder and confusion was insane. We have a different goal each morning, based on the market’s most recent movement.”
The Redditor claimed that the crypto business, which has yet to be named owing to a pending non-disclosure agreement, did everything that crypto investors are typically advised against. This included providing NFT services without the necessary infrastructure and buying cryptocurrencies at all-time highs solely on the basis of their popularity. According to busterrulezzz, the company’s agenda is as follows:
“Is it true that one of our products is no longer functional because we rushed a bug-fixing patch?” Let’s pretend it didn’t happen and keep promoting rosy marketing articles!”
Soon after joining the team, the Redditor learned that “if you can’t even establish your objectives and stick to them,” a firm cannot be lucrative or productive in the crypto market.
The Redditor further claimed that the company intentionally misled and defrauded investors by utilising bots to operate official Telegram channels, posing as community participants on Discord, and teaming with influencers to make their products appear popular.
“It’s stuff like this that gives crypto a poor name in the outside world.”
The founders, who were supposedly simply concerned in making the greatest money as soon as possible, were one of the biggest warning signs the new employee noticed:
“We were operating like a nefarious hedge fund, which is exactly the type of organisation crypto is designed to combat.”
After this supposed epiphany, busterrulezzz began to feel like a con artist and abandoned their employment. Fortunately, the employer did not pay his wages for the previous week since he had gone missing. The Reddit community, on the other hand, wants them to hire a lawyer to get the NDA revoked and the pending cash returned. “Thank you for your advise; I’ll look into it,” they said.
Despite the negative experience, the Redditor recommends the community to “not waste your time on little-known start-ups that have high dreams, but can’t deliver.”
Before accepting job offers, readers should do their homework on the company’s founders and strategic plan. While the narrative focuses on the alleged inner workings of a fraudulent crypto business, some of the industry’s biggest players, such as Binance, the world’s largest crypto exchange by trading volume, come from humble beginnings.
Government organisations, on the other hand, have finally recognised the need of hiring crypto logists.
According to Cointelegraph, the Financial Conduct Authority (FCA) of the United Kingdom has advertised job positions on LinkedIn for a head of the digital assets department and a director of the payments and digital assets department.
According to the statement, the new position is part of FCA’s ambition to create a specialised crypto department:
“We’re looking for a head of department to create and lead a new crypto department that will oversee and coordinate the FCA’s regulatory action in this rapidly growing market.” Within a planned new directorate dealing with developing business models, this is a vital leadership job. […]”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.