Celsius Reduces Headcount By 150 Employees As Crypto Winter Enhances

Celsius reduces headcount by 150 employees as the company’s problems are reportedly deepening with the crypto winter enhancing so let’s read more today in our latest cryptocurrency news.

According to a recent report, Celsius Network fired a quarter of its employee list which came a few days after the company issued a statement and reassured that it is working around the clock to resume withdrawals and fix its issues on liquidity. Citing a note that it obtained over the weekend, the Calcalist media reported that Celsius reduces its headcount number by 150 amid its ongoing struggles.

The company’s LinkedIn page now says it has 651 staff members which mean that the fired ones represent about a quarter. A few days ago, Celsius published a statemetn indicating that they are focused and working as fast as they can to stabilize operations. As with preivous messages, the company didn’t reveal more steps in order to resolve the issues but the blog post reads:

“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.”

Once again, Celsius asked the community for some more time as the explorations are getting harder and more complex. Celsius halted withdrawals among other network services in the middle of June and has to restart them. Since then, the company hired restructuring lawyers and paused the AMA with more reports emerging that Alex Mashinsky tried to flee the country but was stopped by authoriteis. However, the team denied the rumors. While the existing investors are refusing to bail out the company, Goldman Sachs is trying to raise $2 billion and purcahse Celsius’ crypto asset at a discount. Nexo offered to buy them as well.

At the same time, the crypto winter continued with other companies laying off employees and hedge fund Three Arrows Capital filing for bankruptcy.

As recently reported, Celsius lead investor BnkToTheFuture outlined three proposals to save Celsius from bankruptcy while finding the right outcome for shareholders and depositors with the funds stuck on the platform. Shared on Twitter, CEO Simon Dixon noted that the three distinct proposals include either two options of relaunching and restructuring Celsius or co-invest in the platform alongside BTC whales.