Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

OpenSea lays off 20% of its staff, citing crypto winter

Leading NFT marketplace OpenSea plans to lay off around 20% of its staff, with co-founder and CEO Devin Finzer citing an unprecedented combination of crypto winter and broad macroeconomic instability as the reasons behind the move. He also added, The changes were making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.

Celsius has filed for bankruptcy

Celsius, the crypto lending platform that has had customer funds locked up for several weeks but previously claimed to be more trustworthy and safer than a bank, filed for Chapter 11 bankruptcy on Wednesday. According to an email received by Celsius customers, the company voluntarily filed petitions for Chapter 11 reorganization and used the same firm as Voyager Digital for its bankruptcy proceedings. It is unclear what will happen with users’ funds at this stage, given there may be a $1.2 billion hole in the firms balance sheet.

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