Bittrex Announces Layoffs of 83 Employees Amid Unfavorable Market Conditions
- Akansha Gupta
- February 4, 2023
- Crypto, News
- Bittrex, a U.S. digital currency exchange, will fire 83 workers to survive macroeconomic circumstances.
- The employment layoffs were attributed to various digital currency exchange crashes.
- After massive industry breakdowns, a internal email from the Bittrex’s leadership highlighted financial issues.
- The email blamed global macroeconomic difficulties and a virtual currency market decline caused by the failure of Three Arrows Capital (3AC), FTX, and Celsius.
- The ESD’s Worker Adjustment and Retraining Notification state that the terminations will occur on April 2 under regulatory guidelines.
- As Bittrex cuts costs, it will have roughly 200 employees.