U.S.-Based Cryptocurrency Exchange Bittrex Announcing To Lays Off 83 Employees

Key Points:

• Bittrex will lay off 83 employees permanently on February 4, according to the United States Employment Security Department.
• The total number of employees at Bittrex is unknown. According to GrowJo statistics, the company has 384 employees, and 158 employees according to ZoomInfo data, while it is reported 384 employees on LinkedIn.

According to a layoff alert issued by the United States Employment Security Department, Seattle-based cryptocurrency exchange Bittrex is laying off 83 employees.

According to the website of the United States Employment Security Department, Bittrex will lay off 83 employees permanently on February 4. Meanwhile, Forbes reported that Chainalysis is planning to let off 44 staff.

The overall number of employees at Bittrex is unknown. According to GrowJo statistics, the company has 384 employees, and 158 employees according to ZoomInfo data, while it is reported 384 employees on LinkedIn. According to GrowJo’s research, the 83 layoffs represent 21.6% of its total workforce.

The market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year. These events have caused us to reset our strategy.

Bittrex co-founder Richie Lai told employees in an internal email.

The US Treasury Department fined the exchange $29 million last October for failing to prevent persons from sanctioned nations from accessing the trading site. Bittrex has agreed to remit $24,280,829.20 to OFAC to settle its potential civil liability for 116,421 apparent violations of multiple sanctions programs.

Bittrex joins the list of cryptocurrency exchanges that have announced layoffs since the FTX exchange collapsed last November, which includes Crypto.com, Coinbase, and Huobi.

Richie Lai, a former Amazon manager, co-founded Bittrex in 2014 with former Amazon workers Rami Kawach and Bill Shihara. According to CoinMarketCap data, Bittrex recorded $19,141,652.44 in trade activity in the last 24 hours.

As for Chainalysis, the firm is cutting off 44 people, accounting for 4.8% of the company’s total 900 employees.

Maddie Kennedy, Chainlysis’s Director of Communications, declared a reorganization of less than 5% of the company’s workers, adding that most of the staff would have new positions while the majority of sales were let go.

According to information gathered by Forbes, the primary cause for the layoffs was collapsing private-sector demand as digital-asset values and trading activity plunged, as well as the company’s ambition to offer new products aimed at the finance sector.

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