Smart contract auditing firm Hosho cuts staff due to rise of automated tools and ICO slowdown

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Smart contract auditing firm Hosho cuts staff due
to rise of automated tools and ICO slowdown
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Smart contract auditing firm Hosho cuts staff due
to rise of automated tools and ICO slowdown

• Smart contract auditing firm Hosho has laid off a
  significant number of employees, citing an
  increased amount of automated tools, the firms
  co-founder and chairman Hartej Sawhney told
  Cointelegraph Feb.
• While stating that the company has laid off a
  sufficient portion of the staff the exact
  amount was not specified Sawhney still noted
  that Hosho continues to be one of the leading
  companies in the smart contract auditing and
  security industry, specifically in penetration
  testing.
• Hoshos president explained that the staff
  reduction was caused by a complex set of
  circumstances, including the drop in the value of
  initial coin offerings (ICO), which is in part
  due to the big crypto market bear of 2018.

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Smart contract auditing firm Hosho cuts staff due
to rise of automated tools and ICO slowdown

• Speaking to Cointelegraph, Sawhney emphasized the
  fact that Hosho has been actively increasing
  scales of automated tool deployments, while at
  the same time seeing a much smaller number of
  smart contract audits. In this context, a large
  number of engineers for audit work has become
  unnecessary, Sawhney said, emphasizing that the
  main objective now is to keep the company
  running.
• Sawhney noted that Hosho aims to figure out the
  perfect number of employees to keep at the
  company, while maintaining and developing the
  pace of work, as well as its brand and level of
  audit reporting.
• With that, Sawhney revealed that Hosho is
  planning to expand its presence from the already
  explored markets of North America and Europe to
  the Southeast Asia market, looking to employ new
  representatives.

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Smart contract auditing firm Hosho cuts staff due
to rise of automated tools and ICO slowdown

• The crypto bear market of 2018 caused a wave of
  layoffs in the crypto and blockchain sector. In
  late 2018, Cointelegraph reported on alleged
  layoffs at major blockchain software firm
  ConsenSys, with sources familiar with the matter
  claiming that the amount of staff expected to be
  laid off is between 50 and 60 percent of the
  entire 1,200-strong staff.
• However, the company ended up stating that recent
  layoffs did not exceed 13 of staff.
• Yesterday, January 31, major Canadian crypto
  exchange Coinsquare reportedly laid off nearly
  30 of its employees, including its chief
  financial officer (CFO) and chief operating
  officer (COO).
• In early January, Swiss crypto exchange
  ShapeShift laid off a third of its staff, as
  revealed by exchange chairman Erik Voorhees.

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Smart contract auditing firm Hosho cuts staff due
to rise of automated tools and ICO slowdown

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