Crypto community responds to Crypto layoffs <br><br><br>

crypto community

Crypto community responds to Crypto layoffs

Due to the effects of the bear market in the crypto ecosystem, more and more crypto companies are laying off their employees, and everyone in the crypto community has their share of opinions about it. However, some have remained vocal and have posted their reaction. Some encourage employees who have lost their jobs, and some are helping to hire professionals.

In this crypto winter, various miners and exchanges are trying to bear the storm; however, many are afraid of “what will be the next”  and have already started to take precautions.

In the last couple of days only, two significant crypto exchanges made the announcement to let go of some of their staff members as the tremors from the crypto market spiraled up. In the year 2022 only, this is the second time that Bybit, an Indian crypto trading firm, laid off 30% of its workforce. While another Australin-based exchange Swyftx has also pulled out around 40% of its employees as it felt weaker after the collapse of the former crypto giant FTX.

A crypto community member who claims to have worked with Bybit CEO Ben Zhou shared his opinions on Twitter, supporting the organization’s decision and vouching for the ByBit members. Whereas another user on Twitter expressed that they still hold trust with ByBit, but do not want to take risks with bigger funds. The idea of an audit to be done by one of the giant auditors has been also afloat by the user.

The co-CEO of Swyftx, Alex Harper, also shared his sentiments on Dec 5 behind the layoffs; he informed the company is not immune to the fallout over the bankrupt exchange, despite not having any exposure to FTX, “As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year and the potential for more black swan-type events.”

A community member responded to this and wrote that this was “bound to happen” and more such events of bankruptcy could be expected in the time ahead. 

On the other hand, a user also encouraged the Swyftx decision; he suggested that good things can be expected and will happen only if the exchange is able to bear the storm.

For there are many exchanging losing good talents with a rare experience in the crypto industry, however, some are seeing this as an opportunity to hire by asking for CVs from the same laid-off employees to find their best-fitting talent.

Another depressing development occurred amid this, where AAX operations were halted, and various exchange users attacked the AAX employees in the office in Lagos, Nigeria. The users were agitated due to the exchange freezing withdrawals.