Judge Denies Celsius’ Motion to Pay Employees $3 Million in Retention Bonuses

A federal bankruptcy judge struck down Celsius’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.

In a motion filed on October 11, lawyers for Celsius asked Judge Martin Glenn, the judge overseeing Celsius’ bankruptcy proceedings, to approve the company’s "key employee retention plan" (KERP). The plan, which Celsius’ lawyers claimed was necessary to keep the company’s employees from jumping ship to other crypto platforms, would divide the about $3 million in requested funds into cash bonuses for 62 of the company’s current 274 employees.