BlockFi, a crypto lender based in New Jersey, has received approval to pay its staff up to $10 million in bonuses as part of a “retention program.”
The approval came from bankruptcy court Judge Michael Kaplan, according to a Jan. 27 filing. The bonus will be paid out in three installments over a 12-month period, with 42.5% of the base salary in the first tier and 9% in the second tier.
The filing did not specify the number of employees eligible for the bonus or the qualifications for each tier. According to media reports, the firm has around 130 employees.
BlockFi had previously argued that the bonus was necessary to retain staff during the bankruptcy proceedings.
However, unsecured creditors argued that the proposed bonus was “broader and more expensive” than other crypto cases.
Other bankrupt crypto firms like Celsius and Voyager have also requested retention programs for their employees.
