According to a Twitter post from Crypto.com’s CEO, Kris Marszalek, Crypto.com, the platform for dealing and lending cryptocurrencies, is laying off roughly 260 individuals, or around 5% of its staff, after the worldwide crypto market was battered due to a “dramatic change” in macroeconomic conditions.

The layoffs happen as the cryptocurrency industry struggles. For example, the value of Bitcoin and Ethereum are declining throughout Monday morning, and Celsius, a lending platform, has suspended withdrawals due to “severe market circumstances.” Binance, a major cryptocurrency exchange, has suspended Bitcoin withdrawals for three hours due to a technical issue. We’ve seen currencies like Terra devalue to almost zero.

Cryptocurrency companies have struggled to withstand the storm. For example, Coinbase said in May that it was delaying hiring and canceled over 300 job offers the following month; numerous other firms, including Gemini, Mercado Bitcoin, and Bitso, have had to lay off at least 10% of their employees in the last month.

“Our strategy is to keep focused on executing against our roadmap while optimizing for profitability,” Marszalek said in a series of tweets recently. “That includes making difficult and essential decisions to achieve long-term ongoing and sustainable growth by reducing our corporate staff by about 260 people, or 5%.”

The layoffs at the firm are the latest indicator of a market decline fueled by rampant inflation. On Monday, Bitcoin, the world’s largest cryptocurrency, plummeted to its lowest level since 2020. This comes after the collapse of the stablecoin TerraUSD in May, which led the cryptocurrency market to lose $200 billion in a single day.