Crypto exchange Bybit plans to reduce workforce due to deepening bear market

livemint.com:

Ben Zhou, co-founder, and CEO of crypto exchange ByBit on Sunday announced plans to reduce the company's workforce by at least 30% due to a deepening bear market. The announcement comes two days after Zhou on Bybit's 4-year milestone said, they are 'bullish'. Bybit's layoff will be across the board. According to Zhou, it is important to ensure that Bybit has the right structure and resources in place to navigate the market slowdown.

Through his Twitter handler, Zhou said, "difficult decision made today, but tough times demand tough decisions." He added, "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."

In a thread, Zhou said, "We are all saddened by the fact this reorganisation 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."

For the impacted colleagues, Zhou said the exchange will try to make this process as smooth as possible and take care of each individual's needs as much as they can.

Zhou emphasized the importance of ensuring that Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. He added, "That way we can continue to deliver the crypto ark to the world with even more drive and passion."

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.

In a blog on December 1, Zhou said, "It’s been 4