As more cryptocurrency companies have cut staff to cope with the effects of the bear market, members of the cryptocurrency community have posted a variety of reactions, from offering encouragement to trying to hire the professionals who were recently laid off.
Just over the weekend, two prominent cryptocurrency exchanges announced layoffs as the effects of the crypto winter continue to be felt.. Bybit has laid off 30% of its staff, marking the second time the exchange has made 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 fall of the FTX.
In response to Bybit’s firing, a Twitter user who claimed to have worked with Bybit CEO Ben Zhou opined that the exchange was making the right decision and stood behind members of the organization. Secondly, another member of the community express that while they still trust Bybit, they are afraid to do bigger deals with bigger funds. The Twitter user also proposed the idea of an audit by a major auditor to restore trust.
After hearing the news about the Swyftx layoffs, a community member wrote that this “had to happen” and that more bankruptcies could occur later. In the meantime, a swyftx user it gave encouragement to the platform when the dismissal is known. According to the user, good things are ahead for exchanges if they are able to weather the storm.
With the layoffs letting go of experienced crypto talent, some took the opportunity to promote they are hiring, trying to collect the CVs of recently laid off employees to see if there will be a good fit.
Meanwhile, as the operational shutdown of the AAX cryptocurrency exchange continued, some of its users attacked its office. A recent local news report mentioned that an AAX office in Lagos, Nigeria was broken into by its clients who were affected by the exchange’s withdrawal freeze.
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