Despite Rough 2022 for Crypto and Coinbase, Executives Made Millions

$6.3 million of CEO Brian Armstrong’s $7.4 million in compensation went to personal security costs


Coinbase CEO Brian Armstrong | Source: TechCrunch “775208327GB00107_TechCrunch” (CC license)


Coinbase executives managed to seek shelter during crypto winter. 

Crypto lost a whopping $1.6 trillion off of its total market cap in 2022, but that didn’t stop Coinbase executives from raking in cash. 

According to an SEC filing – with the exception of chief financial officer Alesia Haas – Coinbase’s executives walked away with more money in their pockets in 2022 than the year before.

CEO Brian Armstrong made a total of $7.4 million last year, though $6.3 million of that total figure went to personal security costs.

Emilie Choi, chief operating officer and president, made $23.4 million in total compensation. 

Haas made $11.9 million, down from the $16.2 million she made in 2021. 

Surojit Chatterjee, former chief product officer, walked away with $20.7 million. 

Chief Legal Officer Paul Grewal made $7.4 million. 

2022 was a rough year for all of crypto, but Coinbase lost $2.6 billion last year, according to the crypto firm’s fourth quarter 2022 earnings report. 

“To state the obvious, 2022 was a challenging year for the crypto market and our transaction revenues,” Coinbase said in its report. 

The stock has also taken a hit, down to $60 a share from a 52-week high of $116. 

In early January of this year, Coinbase announced that it was cutting 950 jobs – or 20% – of its workforce. In June of 2022, Coinbase laid off 18% of its workforce. 

The company wasn’t the only crypto firm to be exposed to frostbite through a chilly crypto winter. Following a strong year in 2021, the crypto sector was hit by a number of events from the depegging of the algorithmic stablecoin Terra, to the bankruptcies of three crypto lenders – BlockFi, Voyager and Celsius – and the fall of FTX. 

However, as Blockworks has previously reported, while pain is still being felt across cryptocurrencies, 20% of the 160 analyzed have seen their market values grow. 

In early May, Coinbase also posted its first-quarter earnings, which still saw a net loss for the quarter, but did note that the loss of $79 million was smaller than 2022’s net losses. 

“This quarter represented a turning point in our drive towards building a company that is more efficient and financially disciplined,” Coinbase said in a shareholder letter.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

The State of LSTFi


There are five broad use cases for LSTs that are gaining traction alongside growth in demand: leverage farming, liquidity providing, LST baskets, stablecoin collateral, and interest rate derivatives.



The 7-day average trading volumes for bitcoin have dropped to their lowest level in two and a half years alongside a muted derivatives market


Alexander Vinnik’s lawyers aim to swap his freedom for detained WSJ reporter Evan Gershkovich


This latest update will introduce immutability to token metadata but ensure that its key characteristics are preserved, and it will also introduce network fees


In a blog post, partly directed at the forthcoming Eigenlayer protocol, the Ethereum co-founder cautions against overloading consensus


Hunting for victims in Ethereum’s public mempool, automated searchers prey on transactions as they are discovered in a practice called MEV


The crypto exchange that filed for bankruptcy last November would endure a long road to raise funds, clear debts and gain trust, law pros say