Share this article
Bybit to Reduce Workforce as Crypto Slump Drives Cost-Cutting Measures
The crypto exchange is looking to remove overlapping functions and build smaller, more agile teams, it told CoinDesk.
Updated May 11, 2023, 4:24 p.m. Published Jun 20, 2022, 11:39 a.m.
Cryptocurrency exchange Bybit is planning to reduce its headcount after rising inflation and lower consumer spending drove crypto into a bear market and prompted firms across the industry to seek ways of cutting costs.
Job cuts might amount to about 30% of the workforce, according to crypto journalist Colin Wu, who cited unidentified sources. The Dubai-based firm has a headcount of around 2,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bybit joins fellow crypto firms in cutting jobs. Coinbase (COIN) said last week it was laying off 1,100 employees –around 18% of its workforce – while crypto lender BlockFi said it would reduce its headcount by more than 170 – roughly 20%. Crypto.com said it would cut about 5% of its workforce, amounting to around 260 employees.
"We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency," a Bybit spokesperson told CoinDesk. "Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile."
According to a copy of an internal letter posted by Wu, Bybit CEO Ben Zhou said the firm "grew so fast" during the most recent crypto bull market, and "grew too comfortable."
"Our organization size grew exponentially but the overall business growth did not grow in the same way," Zhou said.
Read more: Crypto Winter Is Here. The Weak Will Die, and the Strong Will Eat Their Bones
CORRECTION (June 28, 08:48 UTC): Corrects number of jobs cut at BlockFi in third paragraph to 170 from 400.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
