Chainalysis is laying off about 44 of its 900 employees, 4.8% of its workforce, as private-sector demand has diminished in line with the sell-off in cryptocurrencies for most of the past year in what is known as crypto winter.

The crypto forensics firm, whose private-sector customers include online brokerage Robinhold and BNY Mellon, the custodian bank and securities-services company, has traditionally had a larger focus on the governmental entities, including the U.S. Federal Bureau of Investigation, Drug Enforcement Administration and the SEC, which historically accounted for about 60% of sales.