Dubai-based crypto exchange Bybit is kicking off a round of layoffs equalling more than a quarter of their total workforce amid the current market woes.
Bybit co-founder and CEO Ben Zhao announced the massive layoffs over the weekend on Twitter.
“Difficult decision made today, but tough times demand tough decisions. 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.
The planned downsizing will be across the board. 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.
For our impacted colleagues, we will try to make this process as smooth as possible and take care of each individual’s needs as much as we can.”
Bloomberg reports the exchange will slash its workforce numbers by 30%.
Bybit’s announcement is the latest in a series of well-documented struggles for crypto firms recently. Just last week, Kraken co-founder and former CEO Jesse Powell said macroeconomic conditions were forcing his exchange to let go of 30% of its employees.
In November, fellow crypto exchange giant Coinbase also announced it was laying off some of its workforce to more effectively manage its expenses amid the bear market.
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