Bybit, a cryptocurrency exchange, will cut another round of jobs as it tries to refocus its operations amid a “deepening bear market,” CEO Ben Zhou announced on Twitter on Sunday. On the same day, a screenshot of a message in which Zhou stated that the layoffs would affect 30% of the workforce, taken from the company’s internal messaging platform, was floating around Telegram group chats. A source familiar with the situation confirmed the screenshot to CoinDesk. Bybit is one of many companies, including Coinbase and the now-defunct BlockFi, that have announced layoffs in recent months as the industry suffers from a bear market. Bybit had previously announced job cuts in June.
