Sirin Labs lays off 25 per cent of its staff

Blockchain smartphone startup Sirin Labs has recently laid off 15 of its 60 employees, Globes reports. The company, led by CEO Moshe Hogeg, denies not having paid its employees’ wages; it claims the March wages have been settled and employees will receive their April wages before the Passover holiday.

"The company gives some of its work to outsourcing, and plans to focus on development and distribution of the software," the company stated. Sirin Labs also admitted the sales of its blockchain smartphone, launched in November, were not what the company expected.

Moshe Hogeg is also facing several lawsuits, both in Israel and in the US. Hogeg stands accused of fraud in a $4.7 million lawsuit by Chinese businessman Zhewen Hu. He, along with his partner Kenges Rakishev and Singulariteam manager Joseph Chen, is also facing a $50 million lawsuit filed by Canadian entrepreneur Adam Perzow who claims they have been defrauding their investors.