dYdX fires 35% of workforce just two weeks after CEO returns

dYdX has announced the departure of several team members, including members of the core team.

dYdX chief executive Antonio Juliano announced layoffs affecting 35% of the core team as part of a restructuring to align the company with its future goals. In a blog post on Oct. 29, Juliano thanked departing employees for their contributions and acknowledged the strong community built within the company.

“You have been dedicated teammates through the good and bad. You continued to build dYdX, even when I did not.”

Antonio Juliano

Per Juliano’s statement, the decision to let go “was a realization that the company we’ve built is different from the company dYdX must be.” He did not specify which roles or departments were impacted by the reorganization.

The reasoning behind this move remains unclear, but it comes shortly after Juliano’s return as dYdX CEO just a few weeks ago, following a six-month hiatus. Upon his return, Juliano highlighted the necessity of founder-led leadership to revitalize the company amid heightened competition and market challenges.

Juliano originally stepped down as CEO in May to take on the roles of chairman and president at dYdX Trading. During his absence, Ivo Crnkovic-Rubsamen, previously the operating partner of dYdX, took over as CEO. The current status of Crnkovic-Rubsamen within the organization remains unclear.

Founded in 2017, dYdX is a decentralized exchange that enables users to trade crypto and engage in various financial services, such as margin trading and lending, without the need for a centralized intermediary like rivals such as Coinbase or Binance.