Bybit Exchange To Lay Off 30% Staff Amid Sluggish Conditions

Octopus Network Announces Mass Layoff Amid Sluggish Market
  • Bybit co-founder and CEO Ben Zhou recently unveiled a restructuring plan.
  • Zhou stated his intention to facilitate a painless separation from the company.

Crypto exchange Bybit has announced yet another round of widespread layoffs for the year 2022. Bybit co-founder and CEO Ben Zhou recently unveiled a restructuring plan that includes a significant decrease in staff in the face of a protracted bear market. All staff will be impacted by the “planned downsizing”.

Zhao stated:

“We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends.”

Second Lay Off This Year

A 30% layoff percentage was mentioned by crypto reporter Colin Wu (@WuBlockhain). Leaked internal papers indicated that Bybit quietly lay off staff on June 20 due to unsustainable expansion. In little over two years, Bybit’s workforce went from a few hundred to over two thousand people.

Zhou stated his intention to facilitate a painless separation from the company when he broke the news of the impending layoffs. Zhou summed up the need for this reorganization consequently.

Zhao further added:

“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.”

For those impacted, the news is bittersweet, but Wu informed that they will be compensated with three months’ pay. In response to the FTX collapse, Bybit established a $100 million assistance fund on November 24.

Institutions engaged in high-frequency trading and market-making were given access to the fund at no interest. Moreover, 10 million dollars was the maximum amount that could be given out to any one contender.

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