BitMEX To Cut Staff By 30% After CEO Resigns

After a week BitMEX CEO Hoptner resigns, company decides to reduce its staff by 30%.
Array of many companies who smashed the same move to tackle crypto winter.
But Binance goes against the flow.

BiMEX CEO Joins “Great resignation”

The recent bearish crypto market has forced many crypto firms to go through many ups and downs. The frightening collapse of the crypto market in the second quarter of 2022 led to wipe out $2 trillion and forced prominent firms to file bankruptcy such as Celsus Network, Voyager Digital and Three Arrow Capital to leave the crypto market.

In the list of companies who are cutting their manpower is BitMEX, which is a leading Seychelles-based crypto exchange and derivatives trading platform. The company has decided to cut down almost 30% of its staff in order to minimize costs and not let crypto winter freeze their business.

Also, famous professional Chinese crypto media company informed via a tweet- “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.”

CEO Alexander Hoptner resigns after a period of two years, succeeding after the Former Co-founder and CEO Arthur Hayes. Hayes was forced to resign because of the lawsuits filed by the Commodities Futures Trading Commission and Department of Justice. Now BitMEX CFO Stephen Lutz will replace him as interim CEO.

Who is further in this Array?

First comes Gemini, which was the first one to fire its 10% employees due to persisting turbulent market conditions that are ongoing. However, the crypto financial services firm Galaxy Digitals Holding Ltd. has also decided to cut manpower approximately by 20%.

As data informs, the exact number of employees to be deducted are not yet confirmed. It could range between 10-15%. Other digital assets companies such as BlockiFo, Crypto.com, Huobi, etc are also riding in the same wave.

In addition, Indian crypto exchange WazirX also cuts 40% of its staff. The company officials stated- “Our priority is to be financially stable and to continue serving our customers. To achieve this, we’ve had to reduce our staff to weather the crypto winter.”

Binance is instead Hiring !

But Binance, which is the world’s largest crypto exchange, has decided to go against the flow.As in the month of June, Binance started to expand their team. At the Consensus Conference 2022, he said – “We have a very healthy chest war; in fact, we are expanding hiring right now.” After that the exchange noted that they are currently open for almost 2,000 new job positions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing