Bybit to Lay Off 30% of Workforce Amid Worsening Crypto Winter
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Ben Zhou, the co-founder and CEO of the cryptocurrency exchange Bybit, revealed earlier today that his company would be laying off at least 30% of its staff as a result of the worsening crypto winter. Ironically, the news comes two days after Zhou expressed his optimism about Bybit’s 4-year milestone.
The announcement Bybit plans to make the termination across the board. Zhou argues that for Bybit to manage the market slowdown, it is critical to have the appropriate organizational and financial resources in place.
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
Bybit CEO Breaks News Via Twitter
The Bybit boss broke the news via his official Twitter handle, noting that a “difficult decision [was] made today, but tough times demand tough decisions.” Zhou added:
“I have just announced plans to reduce our workforce as part of an ongoing reorganization of the business as we move to refocus our efforts for the deepening bear market.”
In the Twitter thread breaking the news, Zhou said, “We are all saddened by the fact [that] this reorganization will impact many of our dear Bybuddies and some of our oldest friends. I am very grateful for all of their contributions to Bybit over the years, and we will not forget them.”
Zhou assured the impacted coworkers that the exchange would make the transition as easy as possible and meet as many of their needs as they could.
Zhou stressed the need for Bybit to have the appropriate infrastructure and resources in place in order to navigate the market slowdown and be agile enough to take advantage of the numerous opportunities that lie ahead. Zhou assured: “That way, we can continue to deliver the crypto ark to the world with even more drive and passion.”
Bybit’s layoff is one of many recorded in the crypto industry this year as the crypto market fights to pull through.
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