At the end of January, Wyre, a cryptocurrency payments firm, will be closing its operations due to the market downturn caused by the failure of FTX.

According to two anonymous sources, the company will be liquidating and terminating services, though CEO Ioannis Giannaros stated that they are still functioning, but are scaling back to plan their next steps.

The company has not yet provided a severance package to its employees. Wyre has had nine funding rounds, gathering $29.1 million, and was set to be bought by the transport corporation Bolt for $1.5 billion, but the agreement was cancelled in September.

Founded in 2013, Wyre is one of many businesses that have been impacted by the fallout from FTX’s downfall and the current macroeconomic conditions.