Crypto firms are cutting hundreds of employees from their workforces despite a hiring spree for crypto roles among some of Wall Street’s biggest firms.

Some of the latest victims? Employees at Crypto.com, a Singapore-based crypto exchange founded in 2016, who announced on Thursday that it had cut 12% of its workforce.

And like many of the firms reducing their workforce, Crypto.com broadly blames their actions on one thing: artificial intelligence.

“We are joining the list of companies integrating enterprise-wide AI,” Kris Marszalek, Crypto.com’s CEO and co-founder, said.

“Companies that do not make this pivot immediately will fail. Companies that move immediately and pair the best AI tools with top-performers…