Celsius Loses Employees in Dwindling Numbers

The number of people working at Celsius has recently dwindled as the company has had to let many employees go.

In a recent report, it was revealed that Celsius Network has fired about a quarter of its employees. This news comes just days after the company issued another statement, assuring that it is working around the clock to resume withdrawals and fix its liquidity issues.

  • In a note obtained over the weekend, Calcalist reported that the crypto lender had laid off around 150 of its employees as it struggled on.
  • The company's LinkedIn page indicates that it has 651 employees, which means that the fired ones represent a quarter.
  • Celsius announced earlier this week that they are doing their best to resolve the liquidity and operational issues.
  • The firm did not reveal any specific steps it had taken to resolve its issues, as it had done in previous messages.
“We continue to take important steps to preserve and protect assets and explore options available to us. The options include pursuing strategic transactions as well as restructuring of our liabilities, among other avenues.”
  • Celsius asked the community for more time as it continued its “lengthy, exhaustive investigations.”
  • As of mid-June, Celsius has stopped processing withdrawals, along with other services.
  • Since then, the company has hired restructuring lawyers, paused AMAs and Twitter Spaces, and reports emerged that the CEO - Alex Mashinsky - tried to flee the US but was stopped by local authorities. However, the team denied these rumors.
  • Investors reportedly refused to save the company, and Goldman Sachs is purportedly trying to raise $2 billion to buy Celsius' crypto assets at a discount. Nexo also offered to purchase them.
  • At the same time, the cryptocurrency market remains in a slump as multiple companies lay off employees and hedge fund 3AC files for bankruptcy.