ByBit to layoff 20-30% Workforce

CryptoWinter is hitting harder than expected – Bybit is the latest company in the Crypto industry to feel the freeze. The company on Monday has decided to slash 20-30% of its workforce.

The company’s Co-founder & CEO Ben Zhou – stated that the company is to be undergoing a round of layoffs in an internal memo circulated to the employees. Sources say

The Hong Kong-based company is said to have around 2000+ employees, though the count on their official LinkedIn page seems to be around 650. This discrepancy in the employee count is pretty common for Chinese companies – since most of their employee population doesn’t tend to use Linkedin – A professional social network.

Detailed Statement from the CEO as per the sources

De X buddies,

Inflation is rampant and consumer spending has decreased substantially. Since May 2022, the first markets affected were the equities market. The crypto markets were not far behind. Upon the arrival of the bear market companies globally have been affected, many needing extensive measures to cut costs. Bybit is no exception apart from the fact that We have taken extreme steps to maintain our workforce for as long as possible during this crisis.

At the start of 2020, we only had a few hundred employees. Since then, we have expanded by 300% to keep up with our exponential growth. We have the best-in-class infrastructure making us one of the most reliable exchanges in the world. We achieved our goal! We also made strategic investments and acquisitions into Web 3.0 projects, as well as sponsored non-profit organizations.

We grew so fast in this period but also grew too comfortable I am afraid. Our organization size had grew expenationaly but the overall business growth did not grow in the same way. During the latest staff review, internal efficiency is still the biggest problem that Bybit has now. This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilized our fast growing resources properly. Bybit is highly dependent on professionalism and rapid execution capabilities.

As such, I am exploring a way to help Bybit by removing overlapping functions and building smaller but more agile teams to improve our efficiency.

Starting from this week some of the functions and roles will be reviewed for combination or adjustment. This is to ensure us staying focused, stay agile, and execute faster. This will affect some of the existing team members unavoidably. It is one of the toughest decisions I have ever had to make in my life, to have to part with great team members who we value and love. “Listen, Care and Improve” are our core values.

For team members affected, we did our best to smoothen the transition for you, we will offer severance package and the Employee Assistance Program. After going through this, you will find Bybit a place only for true believers who shared the same faith to grow the company from Good to the Best! Let’s partner each other on this journey!

All the best,
Ben Zhou Co-founder and CEO at Bybit.

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