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83 employees lose jobs as Bittrex streamlines operations

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Bittrex downsizes with 83 layoffs

Bittrex, a Seattle-based cryptocurrency exchange, has laid off 83 employees, according to the U.S. Employment Security Department’s layoff alert.

The company has 284 employees according to LinkedIn’s database. Bittrex co-founder, Richie Lai, cited the market downturn in the crypto ecosystem as the reason for the layoff in an internal email to employees.

Bittrex was fined $29 million by the U.S. Treasury Department last October for failing to block sanctioned people from accessing the platform.

Bittrex is one of many crypto exchanges that have announced layoffs after the collapse of the FTX exchange in November, including Crypto.com, Coinbase, and Huobi. Bittrex has not yet commented on the layoffs.

Bittrex was co-founded by Richie Lai, a former Amazon manager, with Rami Kawach and Bill Shihara in 2014. The exchange had $19 million in trade volume over the last 24 hours as of Thursday morning in Asia.

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Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.