Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report

Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis.

AccessTimeIconJul 4, 2022 at 9:16 a.m. UTC
Updated May 11, 2023 at 5:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

American-Israeli crypto lender Celsius laid off some 150 employees as it battles a financial crisis that saw it halt customer withdrawals last month, Calcalist reported over the weekend.

The firm has about 650 staff members listed on LinkedIn, including executives, meaning 23% of the company was affected.

The layoffs come amid uncertainty for the company as it faces possible insolvency. In June it paused withdrawals citing “extreme market conditions” and has since hired restructuring specialists. The company said it is exploring options to “preserve and protect assets” following its mid-June turmoil.

Goldman Sachs (GS) is said to be leading a $2 billion raise from investors to purchase Celsius’s distressed assets. Crypto exchange FTX, however, is said to have passed on a deal to purchase the lender after examining its finances.

Celsius joins a growing of crypto firms letting go of staff amid bearish market conditions. Coinbase (COIN) laid off over 1,100 employees in June, with exchanges Bybit, Huobi, Banxa and several others letting go of staff in the past month.

Prices of Celsius’s CEL tokens were up 15% in the past 24 hours, CoinGecko data show.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.