Bybit Founder Dismisses Claims About Layoffs, Confirms Job Openings

Ben Zhou, the co-founder and CEO of the third largest cryptocurrency exchange Bybit, has refuted reports from “domestic media” claiming that the exchange recently laid off some of its workforce.

Bybit on Hiring Spree

On May 31st, blockchain news media Wu Blockchain reported that some Bybit executives “voluntarily resigned” and new employees were brought into the company, referencing an internal letter to employees. The report added that the action was triggered by the Notcoin airdrop incident where around 320,000 Bybit users were unable to deposit their NOT tokens for some time. The exchange compensated affected users with $23 million.

Bybit later confirmed that this move was “a joint commitment to placing the right people in the right roles.” It added that “the affected team members are not leaving the company but moved to take up other internal roles.”

The Bybit co-founder clarified in his latest tweet that the company did not downsize its headcount. He added that the crypto exchange was hiring new employees and welcomed applicants.

“Some domestic media reported that we laid off employees. Sorry, we didn’t. On the contrary, we have a lot of job openings recently,” he wrote. 

News of a layoff is often an indication that a company is having financial troubles. The idea is that, when a percentage of the workers are laid off, the firm has enough cash to run its operations.

In late 2022, many crypto-focused platforms laid off workers due to the bear market triggered by the FTX collapse at the time. Bybit was not left out, as it downsized its headcount twice. In the second occurrence, 30% of its workforce was laid off.

Bybit Welcomes Chinese Users

Bybit has recently made moves to expand its audiences. Earlier this month, the third-largest crypto exchange opened its platform to Chinese users living in countries where Bybit is permitted to operate.

Meanwhile, residents of mainland China cannot access the exchange.