Crypto layoffs trigger mixed responses from the community

As more crypto companies have cut off their staff to weather the effects of the bear market, crypto community members have posted various reactions from giving encouragement to trying to hire the professionals that were recently let go. 

Just over the weekend, two prominent crypto exchanges announced layoffs as the effects of the crypto winter continue to be felt. Bybit has laid off 30% of its workforce which marks the second time the exchange conducted layoffs in 2022. On the other hand, Australia-based exchange Swyftx has also cut around 40% of its staff as it weathers the waves caused by the FTX fallout.

In response to the Bybit layoff, a Twitter user who claimed to have worked with Bybit CEO Ben Zhou opined that the exchange was making the correct decision and vouched for the members of the organization. On the other hand, another community member expressed that although they still trust Bybit, they are afraid to do bigger deals with larger funds. The Twitter user also floated the idea of an audit by a major auditor to regain trust.

After hearing news on the Swyftx layoffs, a community member wrote that this was “bound to happen” and that more bankruptcy events may happen later. Meanwhile, a Swyftx user gave the platform some encouragement as the layoff was announced. According to the user, there are good things coming on the exchanges’ way if they are able to weather the storm.

Related: Here’s how centralized exchanges aim to win back users after the FTX collapse

With layoffs letting go of talent with crypto experience, some took the opportunity to promote that they are hiring, trying to collect the CVs of the recently laid-off employees to see if there will be a good fit.

Meanwhile, as the operational halt from crypto exchange AAX continued, some of its users attacked its office. A recent report from local news mentioned that an AAX office in Lagos, Nigeria was stormed by its customers who were affected by the exchange freezing withdrawals.

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