Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, the company confirmed Thursday, citing market conditions.
In a leaked email on Twitter, Bittrex CEO Richie Lai told employees the team had been working “aggressively” to reduce expenses and increase efficiencies, but were not successful.
“The market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year,” he wrote. “These events have caused us to reset our strategy and balance our investments with the new economic environment in which we find ourselves.”
The reductions affected at least some employees in most departments across Bittrex, a spokesperson told CoinDesk.
Bittrex is one of many crypto exchanges that announced layoffs in the wake of sharp declines in cryptocurrency prices and the collapse of the FTX exchange and other prominent crypto firms. In January, U.S.-based exchange Gemini announced a third round of layoffs, while Coinbase said it would cut 20% of its workforce.
CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry, based on media reports and press releases.
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