Ben Zhou, co-founder and CEO of cryptocurrency exchange Bybit, announced on Twitter today that Bybit plans to reduce workforce to refocus efforts for the deepening bear market.

According to Ben, the planned downsizing will be across the board.

Read full thread:

1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.

2) The planned downsizing will be across the board. We are all saddened by the fact this reorganisation will impact many of our dear Bybuddies and some of our oldest friends. I am very grateful for all of their contributions to Bybit over the years and we will not forget them.

3) For our impacted colleagues, we will try to make this process as smooth as possible and take care of each individual's needs as much as we can. For the rest of us who will carry on the mission and vision of Bybit

4) it's important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. That way we can continue to deliver the crypto ark to the world with even more drive and passion.