GIC-backed Chainalysis cuts jobs in latest crypto layoffs

Chainalysis, a company that specialises in tracking crypto transactions and the entities behind them, said it’s made layoffs affecting less than 5 per cent of staff.

The company, whose backers include Singapore’s sovereign wealth fund GIC, has about 900 employees following the job cuts, a Chainalysis spokesperson said Wednesday.

The spokesperson said the cuts are part of a wider reorganisation, adding that the business is well-capitalised and that it will build out teams under a refocused strategy this year.

Founded in 2014, Chainalysis has gained prominence for collaborating with the US and other governments on crypto-related probes.

That work intensified in the past year following a series of high-profile collapses across the industry, from the hedge fund Three Arrows Capital to the exchange FTX.

The digital-asset sector has been hit by a spate of layoffs following last year’s rout in token prices.

Thousands of jobs have been lost since the start of 2023 alone.

Chief executive officer Michael Gronager said in an interview in January at the World Economic Forum in Davos that Chainalysis is seeking to boost staff by about 11 per cent as part of a global expansion that could include new acquisitions.

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