Chainalysis, a New York-based blockchain analytics firm, has laid off 15% of its workforce, marking its second round of job cuts in the past 12 months
For potential long-term growth, the company intends to reduce expenses, according to Bloomberg. Before the layoffs, Chainalysis had about 900 employees, and it now has 135 fewer. According to a Chainalysis spokesman:
“We are very focused on growing efficiently and, due to market conditions, believe it’s necessary to reduce our expenses at this time.”
Additionally, the study disclosed that in February of this year, the 2014-founded blockchain analysis startup fired about 5% of its workforce. A spokeswoman for Chainalysis, however, asserts that the company is “well-positioned for long-term success” and will keep on “building trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses.”
Midway through December 2022, Chainalysis claimed that the FTX crash was averted and compared it to Mt. Gox’s collapse. The Chainalysis Reactor was used by Canadian authorities on August 5 to combat cryptocurrency fraud and theft.
According to the Lethbridge Police Service (LPS) in Canada, this will aid in crime prevention while assisting victims of the recent hacking attacks in recovering their possessions.
