Celsius Lays Off 150 Employees

Celsius, a cryptocurrency lending platform, has laid off 150 employees, accounting for a quarter of its workforce, as the global crypto market experiences its worst meltdown. Last month, the platform halted all withdrawals, citing "extreme market conditions." According to the Israeli news outlet Calcalist, it has now fired approximately 150 of its employees.

"We are focused and working as quickly as we can to stabilise liquidity and operations, in order to be positioned to share more information with the community," Celsius wrote in a blogpost.

The company further said, "We are operating with the entire community and all clients in mind as we work through these challenging times." Celsius raised $750 million in funding late last year, giving it a $3 billion valuation.

By May of this year, the American-Israeli firm had processed $8.2 billion in loans and had $11.8 billion in assets.
Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits, withdrawals, and loyalty rewards as top crypto hedge fund Three Arrows Capital (3AC), in which Voyager has made significant investments, filed for bankruptcy in the United States.