While bear markets may weed out bad actors, they also force existing players to rethink their business strategies to offset resultant losses.
For example, Bybit has announced mass layoffs for the second time in 2022.
Wu previously reported in June that Bybit silently let employees go in the first round of layoffs, citing unsustainable growth.
Bybit’s employee headcount had grown from a few hundred to over 2,000 in two years.
Explaining the decision, he said: “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.”
The fund was made available to eligible market makers and high-frequency trading institutions and distributed at a 0% interest rate.
Source: Cointelegraph