Celsius Network Secured Court Approval to Remunerate its Employees

Court Directs Celsius Network to Return $44M in Cryptocurrencies
  • Non-executive employees may get rewards from Celsius Network.
  • U.S. Court approved Celsius’s request to withhold the proceedings until February 15, 2023.

The Celsius Network’s bankruptcy filing in the U.S.Court remains a controversial issue in the global cryptocurrency industry as It’s been more than 5 months since its initiation. Now the crypto lender obtained court sanctions to reward bonuses worth up to $2.8 million to their employees in an attempt to prevent the workforce from resigning. 

In July 2022, Celsius Network attempted to regain its empire from insolvency, addressing to which it had filed for Bankruptcy under the Chapter 11 protection act of the U.S. Court, Southern District, New York. However, non-executive employees may get the rewards, according to a court filing submitted by consulting firm Kirkland & Ellis and accepted by US Bankruptcy Judge Martin Glenn on the 5th of December 2022.

Further, the Court approved Celsius’s request to withhold the proceedings until February 15, 2023, during which the organization has to reiterate and propose a feasible solution as an outcome for this bankruptcy. 

Moreover, a substantial count of workers had fled from the organization while approximately 170 of them remained out of the initial population of 370 as mentioned in the court proceedings. 

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