Bankrupt Crypto Lender Celsius Is Losing Its Minds
In order to get some of their money back, Celsius users may have to agree pay bonuses to the people who put the company where it is.
Photographer: picture alliance/picture allianceWelcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. In today’s edition, Jeremy Hill explains why creditors of bankrupt Celsius Network may have to stomach some big payouts to its existing employees:
Legions of downtrodden Celsius Network account holders will soon be introduced to an irksome paradox of bankruptcy law: In order to get some of your money back, you may have to pay bonuses to the people who helped put the company in the position of being unable to pay its debts in the first place.