Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, could let go of up to 20% of the workforce amid the market downturn. Crypto exchange BitMEX has also reduced its staff.

According to a report by Bloomberg, there is no official plan for a workforce reduction at Galaxy Digital yet – rather, it is still being considered and developed, meaning that the final number of fired workers is still unknown.

The report did say, however, that,

“The final number could be in a range of 15% to 20%, according to people familiar with the matter.”

The company reportedly has 375 employees across the world, per the data at the end of the second quarter, meaning that 75 people could possibly be fired.

Galaxy’s spokesperson Michael Wursthorn was quoted as saying that,

“We are always considering optimal team structure and strategy and will share future plans when finalized. While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption, and on enhancing long-term shareholder value.”

Galaxy Digital is scheduled to report third-quarter earnings results on November 9. But it clearly hasn’t been smooth sailing. The shares dropped a whopping 70% this year, and it saw its losses more than double in Q2 from a year earlier. This loss, said Bloomberg, is “due to unrealized losses on digital assets and on investments in its trading and principal investments businesses.”

Furthermore, Novogratz backed Terraform Labs, the company behind Terra/LUNA, which saw a massive collapse, pulling the market down and drawing the eye of the regulator (even more) towards the crypto sector, particularly stablecoins.

“With hindsight, looking at Luna,