Chainalysis, a blockchain analysis company backed by Singapore’s leading wealth fund GIC, has reduced its workforce by 15%.
According to Bloomberg, the firm plans to curb expenses for potential long-term growth. Chainalysis had around 900 employees before the layoffs and has reduced its workforce by 135 people.
“We are very focused on growing efficiently and, due to market conditions, believe it’s necessary to reduce our expenses at this time.”A Chainalysis spokesperson told Bloomberg.
Moreover, the report revealed that the blockchain analysis company, founded in 2014, laid off around 5% of its employees in February this year.
However, the Chainalysis spokesperson believes the firm is “well-positioned for long-term success” and will continue to “build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses.”
In mid-December 2022, Chainalysis stated that the FTX crash was survivable while relating it to the fall of Mt. Gox.
On Aug. 5, Canadian police deployed the Chainalysis Reactor to fight crypto scams and theft. The Lethbridge Police Service (LPS) in Canada said this will help to prevent crime while helping victims of the past series of hacks retrieve their assets.