“In response to evolving market dynamics, CertiK undertook a strategic workforce adjustment today, impacting fewer than 15% of our colleagues,” according to an emailed statement from co-founder and CEO Ronghui Gu. “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.”

The move adds to a wave of staffing reductions across the blockchain industry, with prices for bitcoin (BTC) and ether (ETH) stalling out well below their previous market highs. Just over the past few weeks, cuts have been made at Chia Network, Chainalysis and Yield Protocol, Blocknative, Ledger and Yuga Labs.

Last yeart, CertiK closed a $60 million funding round backed by SoftBank Vision Fund and Tiger Global. The funding came two weeks after CertiK announced an $88 million round led by Insight Partners at a $2 billion valuation.

Headquartered in New York City, CertiK offers a set of end-to-end security solutions that can make the company a one-stop shop for customers. Products include code auditing, threat monitoring and asset tracing.

The security service was founded in 2018 by Gu, a computer science professor at Columbia University, and Yale University professor Zhong Shao.

Read more: Blockchain Security Firm CertiK Raises $80M at Nearly $1B Valuation