Crypto exchange Bybit is announcing another round of job cuts as it hunkers down for the crypto winter.
Ina Twitter thread posted Sunday afternoon, Bybit boss Ben Zhou says that “tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.”
The latest round of cuts follows layoffs announced in June by the firm which affected 25% of the workforce. The planned downsizing will be across the board, with sources suggesting that as many of 30% of remaining staff may be affected.
Zhou says: “It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown”.
The twitter post sparked an anxious response from jittery users
Bybit operations does not get affected, this is done to maximum our long term sustainability. In fact if it would, I wouldn’t publicly announce it. You are welcome to withdraw and test, when you guys are more comfortable, you know where to find us. Cheers
— Ben Zhou (@benbybit) December 4, 2022
The job cuts at Bybit reflect similar downsizising measures at a host of crypto firms such as Kraken, Nydig, Bitpanda Crypto.com, Gemini and Coinbase as they battle to stay afloat in a dramatically altered market.
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