Celsius Network 'Laying Off 150 People' as Lender Battles to Stay Afloat
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Celsius Network 'Laying Off 150 People' as Lender Battles to Stay Afloat

3 months ago

It's been three weeks since Celsius Network announced it was pausing all withdrawals, swaps and transfers because of "extreme market conditions."

Celsius Network 'Laying Off 150 People' as Lender Battles to Stay Afloat

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Celsius Network is laying off 150 employees — a quarter of its workforce — as the embattled crypto lender tries to get back to a firmer financial footing.

The redundancies were reported by the Israeli business newspaper Calcalist on Sunday, and it comes after speculation that the company had brought in restructuring lawyers.

It's been three weeks since Celsius Network announced it was pausing all withdrawals, swaps and transfers because of "extreme market conditions" — and there's still no sign of when affected users will get their funds back.

After being repeatedly criticized for failing to keep customers in the loop about what was going on, the company said:

"Across Celsius today, we are focused and working as quickly as we can to stabilize liquidity and operations, in order to be positioned to share more information with the community. We are operating with the entire community and all clients in mind as we work through these challenging times."

Executives also laid out some of the options that are currently available — including "pursuing strategic transactions as well as a restructuring of our liabilities."

Celsius warned that this process is "complex and takes time," but stressed that experts have been drafted in "from many different disciplines."

A number of Twitter users have also pointed to on-chain transactions that indicate work is going on behind the scenes to settle debts.

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