Sirin Labs cuts 25% of its workforce as CEO faces $50M lawsuit

Bitcoin‘s price might have risen lately, but blockchain startups are still reeling from the bite of the bear market. Sirin Labs, the firm behind the “world’s first blockchain phone” has confirmed 25 percent of its workforce has been let go. Sirin Labs, which released the $1,000 FINNEY smartphone last November, revealed 15 of its 60 employees have been laid off after sales failed to meet expectations, Globes reports. The firm also denied earlier rumors indicating Sirin Labs had trouble paying its employees, noting staff had now been reimbursed for March, and would be paid by “tomorrow” for April. The layoffs…

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