I asked around about this matter and have a rough idea which CEX they're talking about, but I won’t name names. Actually, this exchange’s business is pretty decent, with a lot of overseas users, so survival isn’t much of an issue. As for why they suddenly started laying people off, I heard some gossip: Apparently, the boss had a meal and chat with Bybit’s boss recently, comparing their respective data, and realized their own efficiency per employee was way lower than Bybit’s. Bybit can get big things done with fewer people, so why can’t we? Then, in a fit of frustration, they decided to cut staff to reduce costs and improve efficiency, thinking maybe the market downturn means we don’t need that many people Of course, the people who got laid off aren’t happy about it, but this has nothing to do with Hyperliquid, Lighter, or anything like that.