ConsenSys CEO Joseph Lubin (Collision Conf / Flickr)

Ethereum (ETH) development studio ConsenSys has reportedly let go of 13% of its 1,200-person staff as the cryptocurrency bear market enters its twelfth month.

According to a recent report by CoinDesk, ConsenSys is refocusing its priorities to improve its business operations, which currently includes over 50 ‘spoke’ startups under incubation.

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members,” the company detailed in a statement on Thursday.

This news comes the same week that ETCDEV, a leading Ethereum Classic (ETC) development company, also fell victim to the ongoing 2018 bear market, shutting down its operations.

ETH is currently down 15.2% over the last 24 hours to $87.71, giving the altcoin a $9.09 billion market cap and an 8.88% weight in the AltDex 100 Index (ALT100), a benchmark index for the top-100 large-cap cryptocurrencies.

More: ConsenSys Confirms Layoffs, Projecting 13% of Staff at Startups to Be Cut
Related: Ethereum Classic Developer ETCDEV Folds as Its Funding Dries Up
Photo: Collision Conf / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.