Melissa Chen (not her real name), a National University of Singapore (NUS) graduate, is warning others about the harsh realities of working in the cryptocurrency sector after a series of challenging experiences with several major exchanges.
Speaking to The Independent Singapore, Chen said she started her career at Bybit, a company that she claimed to have an “incredibly dysfunctional” workplace culture.
During her two years there, she witnessed employees frequently being treated like “replaceable parts” rather than valued team members.
Chen also alleged that Bybit expected staff to conform to the widely criticised “996” work culture, which she noted is “commonly practised across most Chinese companies.”
For those unfamiliar with the term, the 996 system requires employees to work from 9 a.m. to 9 p.m., six days a week.
This work culture has drawn controversy over the years due to its negative impact on workers’ physical health, mental well-being, and work-life balance.
Adding to her frustrations, Chen said leadership decisions at the company often appeared arbitrary.
She noted that a person in their twenties had been appointed Chief Marketing Officer, a choice that, in her view, “does not reflect seemingly meritocratic progresses.”
While these factors alone would have prompted many employees to resign, Chen said that her inability to get along with her manager was ultimately what led her to leave the company.
She later joined Bitget, another leading crypto exchange, but her time there lasted only a month.
“I joined Bitget reluctantly, but it only lasted 1 month,” says Chen (who asked for her name to be anonymised for privacy). “I realised this was not a place to thrive in because they had no in-principle license to operate in Singapore at the time, which was a huge red flag for me despite promising that it is ‘all good’.”
Undeterred, Chen subsequently took a role at OKX, one of the world’s largest cryptocurrency exchanges.
“I thought things would gradually get better, but OKX is not much different compared to Bybit,” she explained. “At OKX, there is a mandatory minimum 10% annual turnover rate. Just one day, 7 months into the role, I was again made redundant, without clear reason or notice period.”
Chen then took a position as a business development lead at KuCoin, where she only lasted three months. “The role was impacted by operational inefficiencies, including a lack of basic equipment for new hires and subsequent restructuring that led to widespread role terminations.”
Reflecting on her journey, Chen observed, “I think it is very common for many crypto people to move around companies within the industry.”
“Anyway, I’ve since found a new role in a different industry, but…. by sharing this, I’m hoping people in the industry are aware of this widespread problem that requires change.”
Industry hopping
Just like Chen, there are others out there who have completely changed their vocation to protect their mental health
A July 2022 global survey by McKinsey & Company involving nearly 2,000 workers found that 48% of those who quit their jobs in the previous two years moved to a different sector.
This shift, known as industry hopping, is often driven by a desire for more purposeful work, dissatisfaction with long and emotionally draining hours, the need for greater flexibility, and burnout.
Although industry hopping existed before COVID-19, it was not always widely accepted.
A BBC report noted that the pandemic and the hiring crunch that followed helped accelerate the trend, making career changes more normalised.
James Bailey, a professor of leadership development at the George Washington University School of Business, explained that labour shortages created more opportunities for people to switch careers, as organisations became more willing to hire from outside their industries.
Over time, the negative views about switching careers faded as people started to realise that mental health and work-life balance matter just as much as job titles and paychecks.