Bybit announces a 30% workforce reduction due to the ongoing bear market.
Swyftx announced 40% lay-offs due to deteriorating digital asset markets.
Many crypto exchanges conduct mass layoffs fearing the upcoming cold winter.
According to co-founder and Chief Executive Officer Ben Zhou, the crypto exchange Bybit announced to cut its workforce by 30% in light of the ongoing bear market in the asset class.
Reductions in the workforce would be made across the board as the company approaches reorganization to prioritize operations, Zhou said on Sunday.
1) Difficult decision made today, but 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.
— Ben Zhou (@benbybit) December 4, 2022
The Dubai-based Bybit is one of the top 20 largest crypto exchanges, with a t ...
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