Crypto Exchange Bybit Cuts Jobs in Market Turmoil: Report

Bybit has become the latest cryptocurrency exchange to consider cutting jobs amid a crippling market turmoil. Bybit is Considering Layoffs In an internal letter addressed to employees, the CEO of Bybit cryptocurrency exchange, Ben Zhou noted that the platform is considering layoffs this week, according to a report by Chinese crypto-journalist Colin Wu, citing multiple inside sources. EXCLUSIVE: Bybit, one of the world's largest crypto exchanges, today issued an internal letter about layoffs, multiple sources confirmed to WuBlockchain. The internal letter said the organization size had grew expenationaly but the overall business growth did not grow in the same — Wu Blockchain (@WuBlockchain) June 20, 2022 In the letter, the Bybit CEO noted that while the exchange saw exponential growth in size over the past two years, the overall business did not grow at a similar scale. The platform is also facing problems from internal inefficiencies, according to the letter. The exchange will now look at streamlining internal functions, which is likely to result in cut positions. Pictures circulated in the community can be confirmed to be real. pic.twitter.com/kTXcmj82DJ — Wu Blockchain (@WuBlockchain) June 20, 2022 A separate report from the Chinese media estimates the level of cutoffs to be between 20% to 30% of Bybit’s total headcount with the platform currently employing over 2500 people. Crypto Exchanges Slash Jobs Amid Market Crash Byb...