Bybit will lay off 30% of its workforce as the crypto bear market worsens.

As the crypto winter deepens, centralized crypto exchange Bybit, has become the latest to lay off employees. The layoffs are in addition to those made by the company earlier this year, in June.

Bybit, based in Singapore, has announced plans to reduce its workforce.

Furthermore, the move is part of the company’s ongoing reorganization. It is the latest cryptocurrency company to refocus its efforts as the bear market intensifies.

Bybit co-founder and CEO Ben Zhou made the announcement on December 4th, adding that the planned downsizing would be across the board.

He apologized to those who would be affected by the move and stated that it was necessary to survive the crypto winter.

According to Colin Wu, a Chinese industry analyst, the layoff ratio is 30%. He also stated that employees who were let go would be compensated with three months’ pay.

Wu also claimed that Bybit laid off 30% of its employees in June. Furthermore, at the height of the bull market, its workforce had grown from a few hundred to around 2,000.