Australian crypto exchange Swyftx cuts down workforce by 40% due to the ongoing crypto winter ByBit decides to lay off employees for the second time considering the market scenario The crypto winter that was triggered in June after the collapse of Terra [LUNC] only worsened with the downfall of the Bahamas-based crypto exchange FTX. The […]
ByBit decides to lay off employees for the second time considering the market scenarioonly worsened with the downfall of the Bahamas-based crypto exchange FTX. The exposure to affiliated entities paired with the current climate of fear and uncertainty has become a nightmare for crypto companies.Several firms have had to reduce their workforce to cut costs and navigate the crypto winter.
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.“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.
This is the second time that ByBit laid off employees this year. The first round of layoffs came earlier this year in June following the collapse of Terra. It is interesting to note that ByBit had a $100 million support fund for institutions in order to help them with spot and USDT perpetual trading on the exchange.The crypto winter that gripped the industry even before FTX’s collapse was already a matter of concern. Layoffs in the industry ramped up at the beginning of the fourth quarter, with big names like crypto.com and NYDIG laying off over 30% of their employees.