Bybit and Swyftx Cut Jobs in Wake of FTX Collapse, Crypto Bear Market

And swyftx have announced job cuts due to the ftx collapse. bybit ceo ben zhou announced that the layoffs would be across the board and affect 30% of the company’s staff. australian crypto exchange swyftx announced that it would part ways with up to 90 team members or 35% of its workforce. crypto exchange kraken also announced it was cutting about 1,100 employees, or 30% of its headcount.

Job cuts were announced recently, with bybit and swyftx both making the announcements in the same week. both exchanges are based in different parts of the world, with bybit ranked among the world’s 20 largest crypto exchanges, according to coingecko, and swyftx pursuing a $1.5 billion merger with stockbroker superhero.

Job cuts were a result of the ftx collapse and the overall downturn in crypto markets. zhou cited the bankruptcy of crypto lender blockfi, and the struggles of crypto brokerage genesis as signals of an even colder winter. swyftx has no direct exposure to ftx, but is not immune to the fallout it has caused in the crypto markets. bybit’s move is designed to ensure the “long-term sustainability” of the trading platform, while swyftx is preparing for a worst-case scenario of further significant drops in global trade volumes during h1 next year. bybit has a trading volume of about $310 million in the past 24 hours.

By Evey Lovelace

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