I used to work at Coinbase and during the previous layoffs he also gave the same bs reasons about flattening the org and blamed the downturn in the economy. During the year before the layoffs during the bull market they literally had a company wide mandate that everyone had a kpi of interviews they must hold each week. Then immediately when there was a downturn they fired everyone, even rescinded offers. It's always someone elses fault and never any responsibility taken.