Chainalysis to lay off nearly 5% of staff amid crypto winter

Analytical firm Chainalysis has decided to lay off 44 of its 900 employees, or 4.8% of the workforce, according to Forbes.

The information was confirmed to the publication by Maddie Kennedy, the head of the company’s communications department. She said the cuts will primarily affect the sales function.

The management attributed the move to falling demand for Chainalysis’ services amid the crypto market downturn. Among other reasons are a shift toward developing new products with a focus on the financial sector, as well as greater emphasis on clients from government agencies.

Since the beginning of 2023, reports of layoffs have come from Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno and Matrixport.

In January, it emerged that tech giant Google will cut about 12,000 employees. By March, Microsoft intends to lay off around 10,000 people.

Earlier in February, PayPal chief Dan Schulman announced a headcount optimization — about 2,000 people would lose their jobs.