ByBit to Layoff Around 30% of Its Global Workforce

ByBit to Layoff Around 30% of Its Global Workforce

Bybit CEO Ben Zhou claims that layoffs are a part of “an ongoing re-organisation of the business.”

Bybit, a cryptocurrency derivative margin trading platform established in 2018, is reportedly planning to layoff around 30% of its global workforce.

According to the Twitter thread by Bybit co-founder and CEO Ben Zhou, the move is caused by “an ongoing re-organisation of the business” in an attempt to survive a bear market.

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Although Zhou did not disclose the scale of layoffs, independent reporter Colin Wu used Twitter to state that the company is looking to fire 30% of its employees

On the other hand,  some reports claim that initially, the news about the layoffs started surfacing on Telegram. Allegedly, some workers shared a screenshot of Ben Zhou's message stating that the company will let go 30% of Bybit staff. The message allegedly comes from Bybit’s internal messaging platform.

In its Twitter thread, Zhou stated:

We are all saddened by the fact 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.”

It is reported that affected employees will receive a three-month worth of salary as compensation for layoff

It is worth noting that it is not the first time Bybit is firing its employees. In June, Bybit allegedly fired the first batch of workers, citing unsustainable growth. In two years, Bybit grew from a few hundred employees to over 2,000.

Bybit CEO Ben Zhou finished his Twitter thread by stating:

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. That way we can continue to deliver the crypto ark to the world with even more drive and passion.”

At the end of November, crypto exchange Kraken announced that it is also looking to fire 30% of its global staff.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree