What Happened to Celsius

Bankrupt crypto lender Celsius drops plan to rehire former executive at $93,000 a month. Cryptocurrency lender Celsius, which declared bankruptcy last month, has dropped a request to pay a former executive $93,000 a month while it moves through legal proceedings. Celsius filed for bankruptcy in July with about $167 million in cash on hand and assets worth $4.3 billion, while owing about $4.7 billion to users, according to bankruptcy filings. The company froze users’ accounts on June 13 as cryptocurrencies were plummeting in value and many investors were trying to withdraw their funds. Soon after filing, Celsius sought a judge’s permission to pay its former chief financial officer, Rod Bolger, about $93,000 per month ($120,000 Canadian) while the bankruptcy is resolved. The company filed its request to bring on Bolger as a consultant on July 25, citing the “need for stability” and “institutional knowledge and experience concerning the unique features of cryptocurrency.”