Bittrex, a Seattle-based cryptocurrency exchange, has laid off 83 employees, according to the U.S. Employment Security Department’s layoff alert.
The company, which had 284 employees according to LinkedIn, cited the market downturn and failures in the crypto ecosystem as reasons for the layoffs.
Bittrex was fined $29 million by the U.S. Treasury Department last October for failing to block people from sanctioned jurisdictions from accessing its trading platform.
Bittrex joins a list of other crypto exchanges, including Crypto.com, Coinbase, and Huobi, that have announced layoffs since the collapse of the FTX exchange in November.
Bittrex co-founders Richie Lai, Rami Kawach, and Bill Shihara are all former Amazon employees. According to CoinMarketCap, Bittrex had $19 million in trade volume over the past 24 hours.
