In February 2023, Seattle-based cryptocurrency exchange Bittrex laid off more than 80 employees, a significant workforce reduction attributed to the severe market downturn and collapse within the crypto ecosystem, including the failure of FTX. CEO Richie Lai cited the need to reset strategy and balance investments in a new economic environment. These cuts affected most departments and were part of a broader wave of layoffs across the crypto industry, which saw tens of thousands of jobs lost as companies like Coinbase and Gemini also downsized in response to declining cryptocurrency prices and adverse market conditions.
