Newsletter"Bybit CEO Announced Layoffs of All Departments, Rate Could Reach 30%

(Recap:Bybit Announces $100M Support Fund, Institutional Clients Can Receive Up To 10M Mg ）
(basic supplement:But has BitDAO suffered? BIT suddenly fell 25%, Bybit: Someone broke their promise and threw away 100 million US dollars!）

twelve o’clockAccording to the latest news, cryptocurrency exchange Bybit has issued an internal letter stating that it will further streamline staffing and the layoff ratio will be around 30%, which will affect the entire company. Its co-founder, Ben Zhou, tweeted that the company made a difficult decision today: it needs to reduce the workforce and readjust the corporate management in the adversity of the intensified bear market:

The layoff plan will be judged by the Board of Directors, we are all very saddened that the workforce adjustment will affect Bybit’s partners and many old friends, I am very grateful for their many years of contribution to Byibt, we will never forget They.

1) Tough decision made today, but tough times call for tough decisions. I just announced plans to reduce our workforce as part of an ongoing reorganization of the business as we move to refocus our efforts on bear market insight.

— Ben Zhou (@benbybit) December 4, 2022

Ben Zhou said that it is extremely important to ensure that Bybit has the right organizational structure and resources to deal with the market slowdown and to maintain business flexibility 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 the number of employees worldwide was said to have reached 2,500 last year.