The failure of crypto exchange FTX has prompted venture investors to issue a blunt warning to startup founders: The current economic situation poses steep challenges to companies. As a result, startups shouldn’t expect to raise new money through 2024 and should prepare for “deep cuts.”

Arjun Sethi, a co-founder of FTX backer Tribe Capital, told companies on Saturday that none were safe “from current macroeconomic and microeconomic pressures,” according to a letter to portfolio companies viewed by The Information. “Don’t let a Nasdaq bounce fool you—we are in the eye of the hurricane.”