Amid the recent FTX crypto company bankruptcy troubles, Bybit reportedly hopes to rescue FTX by offering relief funds to cater to the employees affected. Employees who have lost by a specific threshold can apply and will receive a certain amount monthly for the following year.
Bybit lends a hand to FTX employees
According to reports from several unconfirmed sources on November 12, 2022, the company will reportedly issue an internal letter offering $3 million in relief to employees affected by the FTX bankruptcy.
However, not all FTX employees are viable for relief funds. On that note, those who lost more than $50,000 can apply and receive up to $1,000 per month for 12 months.
Bybit shared their sincerest sympathies and sorrow with the millions of customers and employees affected by the FTX incident. The company stated:
“With the current FTX turbulence, it is a shared sorrow to see millions of customers caught up by the FTX incident. I heard many of our employees are also impacted and have their savings stuck in FTX. While things are evolving, I have been requesting the Bybit people team to explore ways we can support you, our employee, through this challenging time. I believe we are a team, and we will pull through together, good times and bad times.”
The Bybit Hardship Fund
Bybit will offer relief funds via the Bybit Hardship Fund, which was established to assist employees affected by the FTX issue.
Bybit cryptocurrency exchange will provide $3 million through the fund. In addition, the fund will be issued with the main objective of supporting employees with personal financial challenges especially triggered by the FTX bankruptcy.
Furthermore, the fund will only accommodate employees with personal savings above $50,000, where they allegedly receive $1,000 per month per employee for 12 months.
