BitMEX to Dismiss 30% of its Workforce Shortly After CEO Replacement (Report)

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The cryptocurrency exchange BitMEX reportedly plans to cut its staff by 30% in the latest example of industry companies laying off employees.

The reports come a week after CEO Alexander Höptner stepped down from his role.

• The ongoing bear market has triggered a dismissal spree in numerous crypto-related companies, and the Seychelles-based derivatives trading venue BitMEX seems to be the latest example.
• According to the Chinese reporter, going by the Twitter initials Wu Blockchain, the firm intends to lay off nearly a third of its entire workforce.

In the last 12 hours of news, three large cryptocurrency companies have laid off their staff: Galaxy Digital plans to lay off 20% of its staff; BitMEX plans to lay off 30% of its staff, and DCG has laid off 10% of its staff.

— Wu Blockchain (@WuBlockchain) November 2, 2022

• The news comes one week after BitMEX’s CEO – Alexander Höptner – announced his resignation after staying at the helm for almost two years. His successor is CFO Stephen Lutz.
• As CryptoPotato reported earlier today, Mike Novogratz’s crypto-focused organization – Galaxy Digital – also plans to reduce its manpower. Different sources claim the company might dismiss 50 to 75 employees or up to 20% of its total workforce.
• Other firms that previously took such actions include Gemini, CryptoCom, Huobi, Coinbase, Bybit, and more.
• The world’s largest cryptocurrency exchange – Binance – is among the few that decided to expand its team despite the negative macroeconomic environment.
• CEO Changpeng Zhao assured in June that the platform has a “healthy war chest” and maintained that the crypto winter is a great time to hire new staff.

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OhNoRipple via https://www.ohnocrypto.com/ @Dimitar Dzhondzhorov, @Khareem Sudlow