Crypto exchanges Bybit, Swyftx announce job cuts as bear market takes toll

Cryptocurrency exchanges Bybit and Swyftx have announced layoffs as the industry continues to deal with the fallout from rival FTX ( FTT-USD ). Citing a "deepening bear market," Dubai-based Bybit has made plans to reduce its workforce in an effort to re-organize the business and refocus its efforts, Ben Zhou, the exchange's CEO, wrote in a recent Twitter post . The job cuts would impact 30% of its headcount, CoinDesk reported, citing a screenshot of a message by Zhou taken from his company's internal messaging platform. "The planned downsizing will be across the board," he tweeted. Australia's Swyftx, meanwhile, said it cut 35% of its 259-person workforce due to the widening market downturn, according to a release Monday. While the company noted it does not have any exposure to the now-bankrupt FTX ( FTT-USD ), "we are not immune to the fallout it has caused in the crypto markets." The exchanges are the latest victims of FTX's financial contagion. Last week, crypto lender BlockFi filed for Chapter 11 bankruptcy given its direct exposure to FTX .