Cryptocurrency brokerage Blockchain.com said it's letting go of 28% of its workforce, or about 110 employees, adding to a dreadful week of bloodletting across the battered cryptocurrency industry.

Thursday’s job losses come after Blockchain.com was forced to cut about 150 staff in July, as the firm grappled with a $270 million hit on loans it made to failed hedge fund Three Arrows Capital.

“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year,” said a Blockchain.com representative via email. “To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company."

(By Ian Allison)