Australia’s most prominent and heavily backed blockchain start-up, Immutable, has slashed the price of its shares for employees by almost two-thirds as the crypto sector reels from a series of blows, and start-up valuations fall.

Immutable – whose co-founders Robbie and James Ferguson have recently been feted as “billion-dollar brothers” by Forbes Australia – had been charging its employees $900 to exercise their share options, but dropped that to $345 this month.