Bonds issued by cryptocurrency exchange Coinbase have slumped as investor confidence in the industry slid in the wake of FTX’s collapse.

On Monday, Brian Armstrong’s company saw its 2028 bonds drop by 17% against the previous month, trading at 54 cents on the dollar.

The recent turmoil in the crypto market is only one problem. After all, Coinbase’s shares are down 80% in the past year, according to Reuters.

Making a viable business in a downturn is something that Armstrong needs to figure out for his company already has debt to service.

Coinbase’s chief said on Nov. 8 that it only had $15 million of deposits with FTX, in an attempt to ease investors’ fears.

Stating that his company doesn’t have exposure to Bankman-Fried’s Alameda Research is just one of Armstrong’s several tactics to manage the crisis.

That includes other social and traditional media outlets to carry out his endorsements for the digital currency business.

It’s true that the $11 billion cryptocurrency exchange has a decent cash cushion, but with such a volatile business model there’s no telling how long this downturn will last.

Depending on crypto trading, which these days is mostly dropping, revenues are put under high stress.

According to Refinitiv estimates, Coinbase’s top line could be down about 60% this year, against the previous one.

Its “I owe you”s, as informal as they are, account for $3.4 billion and aren’t going anywhere.

Also, the company’s operations burned almost $5 billion in the first three quarters of this year, despite the company slashing expenses.

The baseline is that nineteen months after going public with a market cap of over $85 billion, Coinbase has fallen below the $10 billion mark and has lost over a quarter of its value in the past four trading sessions.

So as the appeal for digital trading erodes, so does Coinbase’s value.

Saying that everything is fine and distancing yourself from the biggest collapse in the crypto market may just not be enough to make digital currencies great again.