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.