Newsletter"Bybit CEO announced layoffs of all departments, the rate may reach 30%

(Recap:Bybit announces USD 100 million support fund, institutional clients can receive up to 10 million Mg ）
(background supplement:But BitDAO suffered? BIT suddenly fell by 25%, Bybit: Someone broke the promise and threw 100 million US dollars!）

noonAccording to the latest news, the cryptocurrency exchange Bybit issued an internal letter stating that it will further streamline personnel, and the layoff ratio will be about 30%, which will affect the entire company. Its co-founder, Ben Zhou, tweeted that the company had made a difficult decision today. It is necessary to reduce manpower and re-adjust business direction in the adversity of the intensified bear market:

The layoff plan will be adjudicated by the Board of Directors, we are all very saddened by the fact that the manpower adjustment will hit Bybit partners and many old friends, I am very grateful for their many years of contribution to Byibt, we will never forget them.

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.

— Ben Zhou (@benbybit) December 4, 2022

Ben Zhou mentioned that it is extremely important to ensure that Bybit has the correct organizational structure and resources to deal with the market slowdown, and to maintain the flexibility of the business in order to seize many opportunities in the future.

Bybit reported layoffs of 20-30% in June this year. The centralized exchange was founded in 2018, and it was rumored that the number of employees worldwide reached 2,500 last year.