According to Maddie Kennedy, the director of communications for blockchain research firm Chainalysis, a round of layoffs will be conducted shortly, targeting non-core personnel. According to Forbes, the dismissal spree will primarily target the sales team. Another group of employees will not be let go but instead given new roles and a new organizational structure.

According to Chainalysis, the layoffs are necessary due to a massive decline in customers from the private sector, who have decided to take a more cautious approach to cryptocurrencies given all that’s happened within the past year. Understandable, keeping in mind everything from plummeting prices to exploits galore and business implosions of epic proportions.