The blockchain and smart contract code auditor CertiK has eliminated positions due to “market dynamics.”
“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 action comes as a result of a wave of layoffs sweeping the blockchain sector and as the price of ether (ETH) and bitcoin (BTC) has stabilized significantly below their prior market highs.Cuts have been made at Chia Network, Chainalysis and Yield Protocol, Blocknative, Ledger, and Yuga Labs just in the last few weeks.A $60 million fundraising round led by SoftBank Vision Fund and Tiger Global was completed by CertiK last year.The fundraising was disclosed two weeks after Insight Partners led a $88 million round at a $2 billion valuation for CertiK.
The New York City-based company CertiK provides a range of end-to-end security solutions, which enables clients to work with it exclusively.Threat monitoring, asset tracing, and code auditing are examples of products.Professor Gu of computer science at Columbia University and Professor Zhong Shao of Yale University founded the security service in 2018.