As 3AC fall-out,, A Crypto Start-up, lays off 25% of staff.

Citing Harsh market conditions, Crypto firm is laying off 25% of its staff, equivalent to about 150 roles.

The company is also shutting down its Argentinian office and scrapping plans to expand in multiple countries.

Most of the layoffs — about 44% — affect employees in Argentina while 26% are based in the U.S. and 16% in the U.K. is one of many companies that got caught up in the fallout of crypto hedge fund 3AC’s collapse.

Earlier this month, 3AC filed for bankruptcy protection  having owed crypto firms including Celsius and Voyager Digital. had itself lent 3AC $270 million in crypto and is expecting to lose that sum.

The collapse of the controversial Terra stablecoin in May had a spiral effect causing the downfall of crypto companies.