Paradigm, the crypto derivatives trading platform, cut salaries company-wide by 15 percent.

The OTC firm — not to be confused with the crypto investment firm with the same name — blamed the pay reduction on contagion stemming from the collapse of crypto exchange FTX in a tweet.

Paradigm also claimed that salary cuts "reduce the need for layoffs seen across the ecosystem" and will impact the organization's momentum less.

"These are tough times but we must do the hard thing and retain the financial flexibility to navigate the turbulent times we find ourselves in as an industry," it added.

(By Adam James)