The biggest cryptocurrency exchange in the US said it was bleeding users, reflecting continued destruction in the crypto market and investors’ unease about risky assets.

Coinbase Global said 10 May that it lost hundreds of millions of dollars in the first quarter, sending the stock tumbling in after-hours trading. Following the after-market report, shares traded around $61—a far cry from the $381 where the stock opened trading when it went public a little over a year ago.