Celsius and Hubi are laying off a large number of employees

Celsius and Hubi are laying off a large number of employees

Celsius and Hubi are laying off a large number of employees Celsius’ problems are said to have become more serious as the company had to lay off a large number of employees.

According to a recent report, Celsius Network has laid off about a quarter of its staff. This comes just days after the company released the statement, once again reassuring it is working around the clock to restore withdrawals and fix liquidity issues.

Citing a note obtained over the weekend, Israeli media outlet Calcalist reported that the crypto lending company has laid off about 150 employees amid the struggle.

The company’s Linkedin page now says it has 651 employees, which means the number of layoffs is about 25%.

Just a few days ago, Celsius announced that it is “focused and working as fast as possible to stabilize liquidity and operations”.

As with previous announcements, the company did not disclose any specific steps it took to resolve the issues. The blog post reads:

“We continue to take important steps to preserve and protect assets and explore the options available. The options are to pursue a strategic transaction as well as to restructure debt…”.

Again, Celsius asked the community for more time because “this exhaustive discovery process is complex and time consuming.”

Celsius suspended the withdrawal service in mid-June and has yet to restart it.

Since then, the company has hired restructuring attorneys, halted Q&A sessions, Twitter Spaces, and sources say CEO Alex Mashinsky tried to flee the US but was stopped by local authorities. However, the team denied these rumors.

While existing investors are said to refuse to bail out the company, Goldman Sachs is trying to raise $2 billion to buy Celsius’s cryptocurrency at a cheap price. Nexo has also made a similar offer.

At the same time, the crypto winter continued to push many other companies on the path to layoffs, and hedge fund 3AC filed for bankruptcy.

Huobi Starts Layoffs, May “Go Over 30%”

According to Chinese journalist Colin Wu, also known as “Wu Blockchain,” crypto firm Huobi may lay off 30% of its employees due to “a sharp drop in revenue.”

On June 28, 2022, Colin Wu reported that Huobi “will start layoffs, possibly over 30%”.

Layoff announcements are making the crypto industry worse as the likes of Blockfi, Coinbase, Gemini, Bitso, Buenbit, Rain Financial, Bybit, and 2TM have laid off numerous employees. Crypto winter and volatile market are the main reasons why executives decided to cut the number of employees.

According to Wu, the “main reason” Huobi fired employees was because “revenue dropped sharply after removing all Chinese users”. However, there has been no official announcement of such actions from Huobi yet.

A company spokesperson explained that Huobi is in the process of reviewing the company’s policies.

“Due to the current market situation, Huobi Global is in the process of reviewing both its current recruitment and personnel policies, with the goal of adjusting it to suit its operational needs. After review, there is the possibility of having to lay off employees.”

Source: AZCoin News

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