watchman: error while loading shared libraries: libcrypto.so.1.1: cannot open shared object file: No such file or directory

I'm on a Ubuntu 22.04 LTS 64-bit. I'm trying to install watchman as a part of a React Native setup. I have followed the official steps to downloading and installing watchman for Linux and Mac, but I get the following error when I type watchman in the terminal:

watchman: error while loading shared libraries: libcrypto.so.1.1: cannot open shared object file: No such file or directory

These are the installation steps for your reference:

$ unzip watchman-*-linux.zip$ cd watchman-vYYYY.MM.DD.00-linux$ sudo mkdir -p /usr/local/{bin,lib} /usr/local/var/run/watchman$ sudo cp bin/* /usr/local/bin$ sudo cp lib/* /usr/local/lib$ sudo chmod 755 /usr/local/bin/watchman$ sudo chmod 2777 /usr/local/var/run/watchman