Popular cryptocurrency exchange Huobi will lay off a significant portion of its workforce and cut the salaries of senior employees, according to Chinese reporter Colin Wu.

Last month, the exchange debunked speculation that it would slash its headcount because of the high number of employees at the company. But people familiar with the matter have confirmed that Huobi will move forward with the plan while also cutting the paychecks of its senior executives.

According to the report, the company intends to reduce its team size from 1,200 people to 600 and 800 employees. In addition, the exchange will cancel its yearly bonuses.

The yearly bonuses have abruptly ended as the firm intends to cancel the program. The move comes amid an intensified bear market, with many companies struggling to maintain profitability and stay afloat.