(Bloomberg) -- Billionaire Jihan Wu is reshuffling the leadership of his asset manager while shedding 10% of staff at his digital-currency lending firm, the latest signs of turmoil in the crypto industry.

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Damien Loh, Matrix Asset Management’s chief executive officer, has left the company, according to two people who asked not to be identified discussing personnel issues. I Z Wong, the head of business development and investor relations, has also left, according to one of the people.

Asked about the leaders’ departures, Matrix Asset Management’s Chief Operating Officer Yu Yee Woon said that “the firm is transitioning to new leadership, pending regulatory review,” without going into specifics.

Meanwhile, Cynthia Wu, chief operating officer for Wu’s Matrixport Technologies Ltd., said the company is cutting about one-tenth of its workforce, estimated at about 300 late last year.

“We’ve sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry wide capitulations,” Wu said in a statement, adding that the reductions will come in marketing. She said the company will keep hiring “in the areas of compliance, legal and product development.”

Wong and Loh both declined to comment.

Prior to Matrix, Wong had spent more than 11 years at Dymon Asia Capital, leaving as a managing director. He joined Matrix last July, according to his LinkedIn profile. Loh spent 15 years at JPMorgan in New York, Tokyo and Singapore, and joined Matrix as CEO in October 2021, according to his LinkedIn profile.

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