“Unfortunately, due to market conditions, Bittrex was forced to lay off over 80 employees today, who reside in various locations across the country,” the company said in a statement to GeekWire. The company has nearly 300 employees, according to LinkedIn.
Founded in 2014 by three cybersecurity engineers, Bittrex helps people buy and sell crypto. The company was hit with about $29 million in fines by the U.S. Treasury Department in October. It allegedly allowed people from sanctioned jurisdictions to use its platform and did not meet anti-money laundering requirements.
The broader crypto industry has been in turmoil following the swift collapse of digital-asset exchange FTX which cast a dark shadow over crypto’s aspirations to upend traditional currency. Prices of Bitcoin, Ethereum, and other coins have fallen steeply over the past year.