Crypto tax startup Koinly has cut 14% of its staff, a reduction in headcount CEO Robin Singh attributed to a bear market made worse by the collapse of crypto exchange FTX.

“We are taking measures to ensure we’re as lean as possible as we make our way through the crypto winter," CEO Robin Singh said in a statement. "While change is an unavoidable part of business, it’s been a sad week at Koinly as we have had to let go of several of our colleagues."

How many positions Koinly cut is unclear. The company's LinkedIn page lists 93 employees. An email asking Koinly for clarification about its total headcount was not returned by the time of publication.