CRYPTOCURRENCY UPDATES: VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE. | VERY USEFUL 5 MIN READ

VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE.
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VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE, BUT NO MONEY HAS YET BEEN RETURNED TO NETIZENS BY THE FROZEN COMPANY.

VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE, IN DETAIL:

IN AN EFFORT TO RETURN CUSTOMERS’ FUNDS THAT HAVE BEEN FROZEN ON ITS PLATFORM, THE BANKRUPT CRYPTOCURRENCY EXCHANGE VOYAGER WILL PAY $1.6 MILLION IN BONUSES TO MORE THAN 30 EMPLOYEES.

VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE.
VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE.

VOYAGER’S REQUEST TO AWARD KEY PERSONNEL WAS APPROVED THIS WEEK BY BANKRUPTCY COURT JUDGES IN SOUTHERN NEW YORK. AS THE BUSINESS RESTRUCTURES ITS FINANCIAL ASSETS, VOYAGER CLAIMED IT NEEDED TO REWARD TOP EMPLOYEES TO KEEP THEM. 34 OUT OF 328 EMPLOYEES WILL RECEIVE AN ADDITIONAL 22.5 PERCENT OF THEIR ANNUAL SALARIES, OR $1.6 MILLION, UNDER THE KEY EMPLOYEE RETENTION PLAN (KERP).

THESE WORKERS OFFER SERVICES THAT ARE REGARDED AS CRUCIAL FOR THE BUSINESS, INCLUDING ACCOUNTING, IT INFRASTRUCTURE, LEGAL, AND SIMILAR FUNCTIONS. ACCORDING TO COURT DOCUMENTS [PDF] FILED BY THE COMPANY, “[VOYAGER] EMPLOYEES HAVE LEGITIMATE REASONS TO BE CONCERNED ABOUT THEIR LONG-TERM EMPLOYMENT STATUS GIVEN THE ONGOING SALE PROCESS AND UNCERTAINTY OF FUTURE OPERATIONS.” 

KEY PERSONNEL ARE REQUIRED WHETHER THERE IS A SALE OR A STANDALONE REORGANISATION, TOO. THESE EMPLOYEES ARE OBVIOUSLY NECESSARY FOR [VOYAGER] TO RUN [ITS] MOVING FORWARD BUSINESS IN ORDER TO CONFIRM A STAND-ALONE PLAN… IN THE END, KEEPING KEY EMPLOYEES ON BOARD IS ESSENTIAL TO COMPLETING ANY DEAL THAT OFFERS CUSTOMERS VALUE.

JUDGES WERE ASKED BY VOYAGER TO APPROVE $1.9 MILLION IN BONUS PAY FOR 38 EMPLOYEES. THIS TYPE OF REQUEST IS TYPICAL FOR COMPANIES THAT HAVE FAILED AND REQUIRE A WORKFORCE TO CLEAN UP THE MESS. 

THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS, WHICH WAS CHOSEN TO REPRESENT THOSE WHO OWED MONEY, OBJECTED DESPITE THIS. VOYAGER WAS CRITICIZED BY THE COMMITTEE FOR TRYING TO REWARD STAFF WHILE CONSUMERS WERE STILL WAITING TO RECEIVE COMPENSATION FOR THEIR LOSSES, AND IT WAS STATED THAT IT HAD PROVIDED NO PROOF THAT WORKERS WOULD QUIT WITHOUT THE ADDITIONAL PAY.

“[VOYAGER] NOW SEEK TO PAY BONUSES TO THEIR ALREADY WELL-COMPENSATED EMPLOYEES AT A TIME WHEN THOUSANDS OF CREDITORS STRUGGLE TO PAY BASIC PERSONAL EXPENSES DUE TO THE DEBTORS’ FLAWED BUSINESS MODEL… IT IS UNCLEAR HOW, AS THE DEBTORS CLAIM, THE KERP “IS NECESSARY AND APPROPRIATE TO AVOID EXPENSIVE DISRUPTIONS TO THE [VOYAGER’S] BUSINESS AND PERMIT THE DEBTORS TO RESUME OPERATIONS POST-EMERGENCY.”

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HOWEVER, THE CRYPTOCURRENCY EXCHANGE’S PROMISE TO REDUCE THE TOTAL BONUS PAYMENTS TO $1.6 MILLION AND REDUCE OTHER COSTS TO SAVE $4.6 MILLION ELSEWHERE RESULTED IN AN AGREEMENT BETWEEN VOYAGER AND THE CREDITORS REGARDING THE BONUSES. THE COMMITTEE EVEN WENT SO FAR AS TO CLAIM THAT GIVEN RECENT LAYOFFS FROM BUSINESSES LIKE COINBASE, WORKERS ARE UNLIKELY TO RESIGN.

VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE.
VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE

ACCORDING TO A LAWYER AT THE COMPANY, VOYAGER HAS RETURNED ABOUT $219 MILLION, OR 80% OF FUNDS, TO CUSTOMERS WHO STORED THEIR MONEY AS CASH WITHIN THE COMPANY, ACCORDING TO BLOOMBERG. 

HOWEVER, NO COMPENSATION HAS YET BEEN GIVEN TO THOSE WHO HAD CRYPTOCURRENCY STORED IN THEIR ACCOUNTS.

ACCORDING TO THE BUSINESS, CUSTOMERS CAN BEGIN MAKING CLAIMS FOR THEIR CRYPTOCURRENCY RIGHT AWAY. JUDGES GRANTED THE COMPANY PERMISSION TO BEGIN RETURNING $270 MILLION TO CUSTOMERS EARLIER THIS MONTH.

CONCLUSION ON VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE:

TO CONCLUDE ON, VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE IS A JUDICIAL VERDICT.

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CRYPTOCURRENCY UPDATES: VOYAGER WILL GIVE KEY STAFF A $1.6 MILLION BONUS IN LIEU OF A BANKRUPT CRYPTOCURRENCY EXCHANGE. | VERY USEFUL 5 MIN READ

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