The cryptocurrency exchange Bittrex filed a WARN notice with the U.S. Department of Labor regarding layoffs amid unfavourable market conditions.
The move will affect 83 of its 284 employees.
A screenshot of a letter from Bittrex co-founder Richie Lai appeared on Twitter. According to him, the market downturn ‘toward the end of 2022 turned into a full-blown collapse,’ prompting the company to take such a step.
BREAKING: Bittrex begins layoffs today citing macroeconomic market conditions. pic.twitter.com/8cK2sdcENf
— Autism Capital 🧩 (@AutismCapital) February 1, 2023
In October 2022, OFAC and FinCEN fined Bittrex $29 million for repeated violations of sanctions policies and AML procedures.
Earlier, cut nearly 5% of the staff were announced by Chainalysis.
Since the start of 2023, Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno and Matrixport have reported layoffs.
In February, PayPal chief Dan Schulman announced a headcount optimisation — about 2,000 jobs to be cut.