U.S. Crypto Exchange Bittrex is Laying Off 83 Employees

Seattle-based crypto exchange Bittrex is laying off 83 employees, according to a layoff alert from the U.S. Employment Security Administration.

"A market downturn triggered by multiple events in the crypto ecosystem turned into a complete meltdown towards the end of the year. These events caused us to reshape our strategy. Sadly, this included downsizing our workforce. Today, those affected by the layoffs will receive invitations to meetings with their department heads, who will communicate next steps." In an internal email leaked on Twitter, Bittrex co-founder Richie Lai said.

Previously, Bittrex had been fined $29 million by the U.S. Treasury Department for failing to prevent people from sanctioned areas from using the exchange.