Singapore-based Crypto.com said it plans to cut about 20% of its staff as more cryptocurrency exchanges face industry-wide problems stemming from the recent FTX bankruptcy last year.

The announcement came amid concerns over reserves and the solvency of the entire sector just days after rival exchanges Coinbase Global Inc (NASDAQ:COIN) and Huobi announced plans to lay off about 20% of their staff. Last week, another company, Genesis, also cut 30% of its workforce.

The layoffs at Crypto.com will be the second in about 6 months after the company cut staff last July to weather the macroeconomic downturn. But the biggest damage to its business was caused by the recent collapse of FTX, which undermined confidence in the industry.

Sam Bankman-Fried’s FTX crash was the biggest among cryptocurrency failures in 2022. It triggered the fall of cryptocurrencies and resulted in about 1 million lenders facing billions of dollars in losses.