Bybit

Bybit, a cryptocurrency exchange, conducted its second round of layoffs in 2022 on December 4th, reducing its workforce by 30% as part of a reorganization to survive the prolonged bear market. The company, which had grown to over 2,000 employees, made this difficult decision to refocus its structure and resources amid the industry slowdown. Affected employees received three months' salary as part of the offboarding process. This move followed an earlier round of layoffs in June, highlighting the ongoing challenges in the crypto sector during the downturn.

In June 2022, Singapore-based cryptocurrency exchange Bybit announced significant layoffs, cutting 30% of its workforce, which amounted to approximately 600 employees out of a total of 2,000. This move was part of a broader cost-cutting effort amid a severe downturn in the crypto market, characterized by plummeting token prices and industry-wide instability. Bybit cited the need to remove overlapping functions and build smaller, more agile teams to improve efficiency. The company, which had 6 million registered users and had engaged in high-profile marketing like a $150 million Red Bull Racing sponsorship, offered severance packages and career support to affected staff. This layoff followed similar actions by other crypto firms like Coinbase and Crypto.com, reflecting the challenging "crypto winter" of the time.