Anti-woke cryptocurrency exchange Kraken will cut 30 percent of its staff as the company weathers the “crypto winter,” CEO Jesse Powell said in a blog post. The company agreed to pay a $360,000 fine earlier this week in a settlement with the U.S. Department of the Treasury over allegations the company violated sanctions against Iran. The cuts will leave 1100 employees jobless as the crypto industry faces a murky and volatile future. The company had announced plans in June to hire 500 new employees who aligned with its “crypto-first culture, ” which consists of workplace rules such as not calling “someone’s words toxic, hateful, racist, x-phobic, unhelpful, etc.” Powell had also boasted to Fox Business Network about firing “woke” employees. “I’m confident the steps we are taking today will ensure we can continue to deliver on our mission which the world needs now more than ever before,” he said in his latest blog post. “I remain extremely bullish on crypto and Kraken.” The cuts come on the heels of the FTX collapse that has shaken the industry, leaving several firms in financial ruin.