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Blockchain analytics firm Elliptic cuts 10% of staff as crypto winter bites

Blockchain analytics firm Elliptic axed 20 employees in a bid to lower its operating expenses.

The company has a total of 199 workers, according to LinkedIn, making the layoffs roughly a 10% reduction in its workforce.

“We’ve adjusted our operating expenses, which includes a reduction in workforce by 20 employees,” an Elliptic spokesperson said in an email to DL News.

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“This was a difficult decision but demonstrates the kind of responsible leadership that the crypto industry needs from us as a blockchain analytics partner in the fight against financial crime in crypto.”

Elliptic made two senior hires to its global leadership team earlier this month, appointing a chief financial officer in New York and a chief people officer in London. It currently has four job openings on LinkedIn.

The cuts come amid a raft of layoffs at crypto firms as they navigate the crypto winter. On Tuesday, the companies behind the blockchain Polygon let go of 20% of staff; blockchain gaming firm Immutable laid off 11% of staff on Wednesday; and crypto market maker GSR cut up to 10% of staff last week.