Cryptocurrency exchange Bittrex filed with the US Department of Employment notification on layoffs amid unfavorable market conditions.
The decision will affect 83 out of 284 employees.
A screenshot of a letter from Bittrex co-founder Richie Lai has surfaced on Twitter. According to him, the market downturn “by the end [2022] year turned into a complete collapse”, which forced 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
October 2022 OFAC And FinCEN fined Bittrex $29 million for repeated violations of sanctions policy and AML procedures.
Earlier, plans to cut almost 5% of the staff were announced in the analytical company Chainalysis.
Since early 2023, layoffs have been reported by Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno, and Matrixport.
Recall that in February, the head of PayPal, Dan Shulman, announced the optimization of the state – ~ 2,000 people will lose their jobs.
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