Cryptocurrency exchange Bybit will cut 30% of its staff in the midst of the “deepening bear market,” CEO Ben Zhou announced Sunday via Twitter.
The layoffs will be “across the board” at the company, Zhou said.
Bybit’s move to cut staff is on trend in the crypto world, which has seen tens of thousands of jobs lost since May.
The layoffs come one week after crypto exchange Kraken laid off 1,100 workers “to adapt to current market conditions” and on the same day that Australian crypto exchange Swyftx laid off 40% of its workforce, citing the overall market and the FTX fallout.
“Swyftx has no direct exposure to FTX, but we are not immune to the fallout it has caused in the crypto markets,” wrote CEO and co-founder Alex Harper. “As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year and the potential for more black swan-type events.”
Zhou said his “tough times demand tough decisions” regarding Bybit’s layoffs, which come as the firm “move[s] to refocus our efforts for the deepening bear market.”
For those unaffected by the layoffs, Zhou noted it’s “important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead.”
Dubai-based Bybit is one of the world’s 20 largest crypto exchanges worldwide, according to CoinGecko.
