Bankrupt Crypto Lender Celsius Network Is Trying To Hire Its Former CFO Back At A Monthly Salary Of $92,000.

Bankrupt Crypto Lender Celsius Network Is Trying To Hire Its Former CFO Back At A Monthly Salary Of $92,000.
Adoption & Regulations
Like? Do Rank It! Likes

The troubled crypto lender platform Celsius Network is keeping no stone unturned to navigate its bankruptcy proceedings. As reported by , the firm is actively looking to hire its former CFO Rod Bolger back to assist the firm in maneuvering and managing its ongoing bankruptcy procedures. 

Celsius Network Wants To Rehire Its Former CFO Rod Bolger

Per the filed with the Southern District court in New York on July 25, the filing revealed that Celsius is keen on hiring its former CFO at a monthly salary of $92,000, prorated for six months. 

“…Because of Mr. Bolger’s familiarity with the Debtors’ business, the Debtors have requested, and Mr. Bolger has agreed pending the Court’s approval, to continue providing advisory and consulting services to the Debtors under an Advisory Agreement,” the filing reads further

The filing further asserts how during the extreme volatility of 2022, Bolger effectively helped the firm maneuver through a turbulent period and assisted the firm in “guiding the essential financial aspects of the business.”

“As CFO for the debtors during extreme market volatility in 2022, Mr. Bolger led efforts to steady the business, guided the financial aspects of the business, and acted as the leader of the company.”

In addition to this, Celsius Network asserts that the firm needs Mr. Bolger’s assistance and his “institutional knowledge and expertise as they transition into chapter 11 procedures.” 

The firm further went ahead a notch to label Bolger’s crypto knowledge and experience concerning unique cryptocurrency elements as “invaluable. ” The filing later added how Celsius Network is ready to pay a sum of $92,000 per month to Bolger in return for his useful advisory services. 

“In consideration for the advisory services rendered by Mr. Bolger, the Debtors agree to pay Mr. Bolger the sum of CAD 120,000 per month, prorated for partial months.” 

Rod Bolger served as the CFO of Celsius network for five months and resigned later on June 30, three weeks after Celsius paused its withdrawals and deposits citing extreme market conditions. 

After Bolger’s resignation, the company hired Chris Ferraro as its new CFO, however soon after he assumed his role at the company, the firm filed for chapter 11 bankruptcy. 

The motion filed by Celsius Network will be discussed in a zoom meeting scheduled for August 8. 

Celsius Network sent shockwaves among the crypto community the day it announced its decision to pause its withdrawals, deposits, and swaps citing extreme market conditions. 

Twitter Users React To Celsius’s Decision To Rehire Its Former CFO

Crypto Twitter went vocal with opinions soon after the news of Celsius network’s decision to rehire its former CFO went viral. 

Several users commented that Celsius should focus on releasing users’ trapped funds, instead of hiring people on hefty monthly salaries. One user wrote that Celsius should liquidate and pay its users back their funds instead of rehiring its former CFO. 

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
japan eu eth/usd
4 hours ago

In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlackRock announces the launch of a new private spot Bitcoin trust
18 hours ago

The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.