Crypto Security Firm CertiK the Latest to Cut Jobs: Report

Last year, CertiK raised $148 million at a $2 billion valuation from notable investors that included SoftBank Vision Fund and Tiger Global.

Blockchain security firm CertiK has cut jobs, citing the “evolving market dynamics,” according to a CoinDesk report. The cuts come roughly a year and a half after CertiK raised $148 million in two weeks across funding rounds that included prominent investors SoftBank Vision Fund and Tiger Global.

“In response to evolving market dynamics, CertiK undertook a strategic workforce adjustment today, impacting fewer than 15% of our colleagues,”CertiK co-founder and CEO Ronghui Gu told CoinDesk. “Our primary aim is to recalibrate our team structure to better align with our long-term strategic aspirations. CertiK remains committed to our mission and is confident that these changes are essential steps towards achieving our goals.”

CertiK raised $88 million in March 2022 and $60 million two weeks later at an over $2 billion valuation. The job cuts show that the continued crypto winter has hurt even well-backed companies. Yuga Labs, the company behind the popular Bored Ape Yacht Club non-fungible token (NFT) collections, cut an undisclosed number of jobs as part of a restructuring 18 months after Yuga Labs raised $450 million at a $4 billion valuation.

There has been a recent uptick in crypto layoffs in recent weeks. The U.S. arm of crypto exchange Binance, a target of federal regulators, cut 100 jobs alongside the CEO departure. Blockchain data analysis platform Chainalysis trimmed 150 employees or about 15% of its staff.