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Blockchain.com, a crypto startup announced a reduction in its staffing by 25%.
The company laid off about a 150 employees from their Argentina, United Kingdom and United States offices citing harsh market conditions.
They decided to abandon their expansions into multiple countries and also closed their Argentine office after laying off about 44% of its staff.
About 44% of the employees that were laid off are from the Argentine office while 26% are primarily based in the United States and 16% are based in the UK. Blockchain.com notified employees concerning the layoffs on Thursday.
This information was later confirmed with CNBC by a spokesperson for Blockchain.com.
Blockchain.com like many others had exposure to Three Arrows Capital (3AC), lending $270 million of cryptocurrency to the collapsed crypto hedge fund 3AC, and have been affected by its collapse.
3AC applied for bankruptcy protection earlier this month, it owes millions to multiple crypto companies, bankrupted Celsius and Voyager Digital are among the companies owed.
Blockchain.com expects to lose the 270 million owed, lawyers are still trying to track the whereabouts of Three Arrows Capital co-founder that have since vanished.
Both Celsius and Voyager Locked user account, pausing withdrawals, then filed Chapter 11 bankruptcy. Celsius lawyers in a recent proceeding presented arguments that users in the earn and borrow platform give up their ownership rights
