According to a layoff alert issued by the United States Employment Security Department, Seattle-based cryptocurrency exchange Bittrex is laying off 83 employees. According to LinkedIn, Bittrex employs 284 people. “The market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year. “These events have caused us to rethink our strategy,” Bittrex co-founder Richie Lai said in an internal email that was leaked on Twitter. The US Treasury Department fined Bittrex $29 million last October for failing to prevent people from sanctioned jurisdictions from accessing the trading platform. Bittrex joins the list of cryptocurrency exchanges that have announced layoffs since the FTX exchange collapsed last November, which includes Crypto.com, Coinbase, and Huobi.