Crypto Bybit to Slash 30% Workforce Again Amid Deepening Bear Market

Cryptocurrency exchange Bybit is cutting its workforce for the second time this year, signaling continued pressure on the crypto industry. CEO Ben Zhou said the company needed to reduce its headcount to survive the “deepening bear market.” This news comes after reports that the company on Monday has decided to slash % of its workforce, with figures suggesting a reduction of around 30%. Singapore-headquartered Bybit has announced plans to reduce its workforce. The move is part of an ongoing reorganization of the business as Bybit navigates challenging market conditions.

Over the weekend, Ben Zhou, the co-founder, and CEO of Bybit revealed that the firm was carrying out its second round of layoffs. The company’s Co-founder & CEO Ben Zhou – stated that the company is to be undergoing a reorganization to streamline operations and reduce costs. As per this, the firm’s total workforce will be impacted by these layoffs. It has become the latest exchange to announce significant job cuts.

El intercambio de criptomonedas Bybit ha declarado que realizaría despidos masivos por segunda vez en 2023 (translated: Cryptocurrency exchange Bybit has announced that it would carry out massive layoffs for the second time in 2023). Esto se produce cuando el sector continúa afectado por (translated: This occurs as the sector continues to be affected by) economic headwinds and reduced trading volumes. Bybit's decision underscores the ongoing challenges faced by crypto companies in the current environment.

Stay tuned for further updates on Bybit's workforce reduction and the broader impact on the cryptocurrency market.