Bybit has announced mass layoffs for the second time in 2022. Ben Zhou, co-founder and CEO of Bybit, announced a reorganization plan amid the prolonged bear market.
Reports claim the layoff ratio was 30% and that affected employees would receive three months’ worth of salary. It was previously reported in June that Bybit silently let employees go in the first round of layoffs, citing unsustainable growth. Bybit’s employee headcount had grown from a few hundred to over 2,000 in two years.
While announcing the incoming downsizing, Zhou shared his intent to make the offboarding process as smooth as possible.
On Nov. 24, Bybit launched a $100 million support fund to provide liquidity to institutional traders following the collapse of FTX. The fund was made available to eligible market makers and high-frequency trading institutions and distributed at a 0% interest rate.
