Luno, the cryptocurrency exchange owned by Digital Currency Group, announced Wednesday a large number of job cuts.

The layoffs will affect 35 percent of Luno’s workforce. They came after what Swanepoel called “an incredibly difficult year for the entire tech industry and the cryptocurrency market in particular.”

Over the past year, the prices of some popular cryptocurrencies have plummeted. For example, bitcoin has fallen in price by nearly 39% over the past 12 months, while Ethereum and Solana have fallen by 37% and 74%, respectively.