Ethereum software company ConsenSys announced on 18 January that it will lay off 96 staff, which represents 11% of its workforce. The company said it aimed to reduce operating expenses while increasing the strength and focus of product teams to adjust to challenging and uncertain market conditions. It has been a challenging year for the crypto industry and many crypto companies like Silvergate Capital Corp and Coinbase Global Inc are laying off staff to cut operating costs in recent months in the midst of the crypto winter.