This is the second round of layoffs by the New York-based firm in the past 12 months, Chainalysis had laid off 5% of its staff in February. Chainalysis, which specializes in analyzing and tracking crypto transactions for risk-management purposes, is said to have an employee base of 900.

“While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time. We remain committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses,” the company said in a statement.

The layoffs are the latest in a series of job cuts by crypto firms, which includes Coinbase (COIN) and Robinhood (HOOD). The crypto industry has been reeling from the fall out of the crypto winter, which has led to a series of bankruptcy and job cuts.

Read more: Blockchain Analytics Firm Chainalysis to Cut Jobs in Reorganization