Creditors Oppose Voyager Paying Employees Bonus

Voyager’s creditors are filing an objection to Voyager’s payment of bonuses to their employees when they have been duly compensated. The company went bankrupt on the grounds that these employees were essential to them.

On August 19, Voyager‘s creditors filed a complaint with the bankruptcy court in the Southern District of New York against the bankruptcy company’s desire to pay its employees while the the member received “decent remuneration”.

In the filing, creditors stated that they were struggling to maintain basic personal expenses due to the debtor’s flawed business model. Yet despite their hardships, Voyager still maintains the company’s headcount.

This is in stark contrast to how a number of crypto companies have reacted since the start of the “crypto winter”, including Coinbase (18% staff reduction), BitPanda (27% staff reduction), Blockfi (20% staff reduction) and Blockchain.com (20% staff reduction).

Voyager did not provide sufficient evidence to justify the retention awards nor did the company offer evidence that the 38 employees on the plan are at risk of resigning.

The bankrupt company said in its motion that these employees are “exceptionally hard to replace in the marketplace because of their invaluable knowledge and understanding of the cryptocurrency industry.”

Earlier this month, the court approved Voyager’s request to return to customers $270 million held in a custodial account at Metropolitan Commercial Bank.

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