July 04, 2022
Celsius Network Lays off Quarter of Its Staff in an Attempt to Avoid Bankruptcy
After suspending withdrawals on the platform a couple of weeks ago and leaving customers in limbo, Celsius Network has finally spoken out about its situation again.
The company announced that it was working on stabilizing liquidity and operations and posted a helpline phone number and messaging service for users on June 30.
It turned out that Celsius has recently laid off 150 employees which constituted around 25% of the platform’s workforce. The move was possibly one of the efforts to survive the crisis and avoid bankruptcy. @BTCKYLE has also reported that Celsius has paid back Aave $50M improving its loan health ratio.
It’s worth noting that the CEL token rose by almost 20% in the last 7 days, although its price is still much lower than it was on June 21.
You can exchange, sell, and buy CEL on ChangeNOW.
