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

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

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

“You were teammates in good times and bad. You continued to create dYdX even when I didn’t.”

Antonio Juliano

The decision to quit, Juliano explained, was “a realization that the company we founded was different from the dYdX company.” It did not specify which roles or departments were affected by the restructuring.

The reasoning behind this move remains unclear, but it comes shortly after Juliano returned as dYdX CEO just a few weeks ago after a six-month absence. Following his return, Juliano emphasized the need for founder-led leadership to revitalize the company amid increasing competition and market challenges.

Juliano initially stepped down as CEO in May to assume the roles of chairman and president at dYdX Trading. In his absence, Ivo Crnkovic-Rubsamen, previously operating partner of dYdX, took over as CEO. Crnkovic-Rubsamen’s current status within the organization remains unclear.

Founded in 2017, dYdX is a decentralized exchange that allows users to trade crypto and participate in a variety of financial services such as margin trading and lending without the need for a central intermediary like competitors such as Coinbase or Binance.