'I was shocked': A New York judge struck down bankrupt crypto lender CelsiusNetwork’s plan to pay out $3 million in retention bonuses to over 60 employees. cheyenneligon reports
A federal bankruptcy judge struck down Celsius Network’s plans to pay out nearly $3 million in retention bonuses to a select group of employees on Tuesday, citing the lack of transparency in the bankrupt crypto lender’s public filings., lawyers for Celsius asked Judge Martin Glenn, the judge overseeing Celsius’ bankruptcy proceedings, to approve the company’s “key employee retention plan” .
“I’m telling you, I was shocked when I saw the redactions. I’ve never seen anyone try to redact everything. That’s not going to happen in this case,” Glenn said. “Everything is blacked out – you’ve got to be joking.” “Without a sufficient public record, I’m not prepared to go forward,” Glenn said. “I want anyone looking at the record to be able to see that the proposed awards are reasonable in relation to the current salary ranges of different categories of people.”
Pillay wrote in her motion that Celsius’ use of CEL tokens – particularly how and why other crypto assets were converted into CEL tokens and how they were marketed, stored and traded – was concerning for many of its unsecured creditors, as were “the representations [Celsius] generally made in public representations to customers to attract them to their platform.
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