The cuts translate to about 150 roles at the firm.

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. The company informed staff about the plans Thursday.

Blockchain.com had itself lent 3AC $270 million in crypto and is expecting to lose that sum.