One of the largest crypto exchange platforms in the world, Coinbase, is undergoing a massive round of layoffs. Coinbase co-founder and CEO Brian Armstrong said the company will cut its operating costs by 25% and let go of 950 employees.

In a business that has become emailblog post (opens in new tab) (spotted by the Forget (opens in new tab)), Armstrong said the crypto market “has gone down along with the broader macroeconomics” and that “the fallout from unscrupulous industry actors” contributed to Coinbase’s decision to increase current “operational efficiencies” at the expense of of jobs.

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