ByBit and Swyftx Succumb to the Crypto Crisis 

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ByBit and Swyftx announces their intention to reduce their workforce as they could no longer cope with the crisis of the crypto winter. ByBit is a high-ranking crypto exchange platform based in Dubai. part of the measures that they considered to be taken to keep their business floating is the reduction of their workforce. In a statement made by ByBit’s CEO, he said that it is a difficult decision for them to take, but they have no choice as they have to re-organize their business venture so it can survive the prolonged bearish season. Ben Zhao, the Chief Executive Officer of ByBit, said the planned retrenchment is going to affect about 30% of their employees.

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Asian young businessman stress sitting in front office with his hands covering his head against.

Swyftx to To Layoff 35% of its Workforce
Swyft’x is a crypto exchanger based in Australia. On Monday, its CEO, Alex Harper, made his intention known that the company will be laying off 90 workers. He also stresses the fact that there is no connection between them and FTX, but that the crypto winter is simply taking its toll on them.

Apart from management restructuring of these two exchange platforms, there have been other reports about other crypto companies taking desperate measures towards surviving these hard times.

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