Bybit Layoffs
June 2022
Bybit announced a layoff affecting 600 employees (30% of its workforce) in June 2022. The company operates in the Crypto sector.
600
30%
Jun 20, 2022
About
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.
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