Ninety Eight, formerly known as Coin98 Finance, announced a major layoff affecting more than 20% of its workforce, equivalent to about 80 people, on March 5. The layoffs occurred overnight without prior notice, leaving many employees upset and accusing the company of being 'unfair.' Along with this, the price of the Coin98 token (C98) continues to plummet, down 82% over the past year and down 98.9% from its all-time high (ATH), sparking numerous criticisms on social media and company review platforms.

According to a statement from CEO Nguyen The Vinh on X, the layoffs are part of a restructuring plan to ensure the long-term sustainability of the company amidst a challenging market environment. 'Today is a difficult day for all of us as we announce necessary layoffs due to rapid growth that has exceeded our current structure,' Vinh wrote. He stated that this move aims to create a leaner and more agile team while focusing resources on core products, particularly the Coin98 wallet – a key product in the company's DeFi ecosystem.

However, the manner in which the layoffs were carried out triggered a wave of outrage from employees. Many reported being suddenly dismissed at night without any prior notice, leaving them unprepared. On platforms like congtytui.info, several employees left negative reviews, accusing Ninety Eight of lacking transparency and disrespecting workers. One anonymous employee commented: 'The company operates in a haphazard manner, laying off without notice, employees are pushed out onto the streets at night without a clear explanation.' Similar comments appeared frequently, with many criticizing the management, especially CEO Nguyen The Vinh, for the way the situation was handled.

Alongside the personnel turmoil, the price of Ninety Eight's C98 token is also at an alarming level. According to data from CoinGecko as of March 8, 2025, C98 is currently trading at $0.07317, down 0.2% in the last 24 hours. Compared to a year ago, the price of C98 has dropped 82%, and from its ATH of $6.42 in November 2021, it has decreased by 98.9%, nearly 100 times down. With a diluted market cap currently only at $73 million, compared to nearly $1 billion at its initial listing on Binance, many investors have also expressed disappointment on forums and social media, claiming that the company is losing its position in the Web3 market.

Although Vinh has committed that all affected employees will receive full compensation, this promise has not eased the dissatisfaction within the organization and the community. Posts on X and technology forums show many harsh criticisms, with some users calling this an 'unethical act' and calling for a boycott of Ninety Eight's products. Other opinions suggest that in the context of the struggling cryptocurrency industry, layoffs are unavoidable, but the company's approach is blameworthy.

Despite facing challenges and criticisms regarding the recent layoffs, Ninety Eight, a company operating in the Web3 and DeFi sectors since 2017 headquartered in Ho Chi Minh City, is striving to restructure to focus on core products like the Coin98 Super Wallet. With a commitment to maintaining sustainability, the company has the opportunity to overcome the current difficult phase, regain trust from the community, and continue operating in the blockchain technology sector.