Voyager Digital to grant $1.6M bonuses to key staff

Voyager Digital, one of the most impacted companies in the cryptocurrency sector as a result of the bear market, would reportedly give its top 34 employees incentives totaling $1.6 million. These employees, according to the company, are a part of the accounting, legal, and IT infrastructure departments.

A recent report claimed that the authorities had approved the cryptocurrency brokerage’s usage of $1.6 million in bonuses to motivate 34 of its 328 employees. They will receive an additional 22.5% of their yearly salaries. Since they oversee the accounting, legal, and IT divisions of the company, they are regarded as being crucial to operations.

“Voyager employees have legitimate reasons to be concerned about their long-term employment status given the ongoing sale process and uncertainty of future operations,” the company’s lawyers stated in court filings.

The lawyers continued by saying that providing additional money to the team’s key players is essential because their expertise should direct the company’s rescue strategy.

The $1.9 million bonus grant request by Voyager faced backlash

Notably, Voyager Digital requested earlier this month that the Bankruptcy Court’s judges allow $1.9 million in bonuses that the company may give to 38 of its staff members. The entity stated at the time:

“At a time when thousands of creditors struggle to pay basic personal expenses due to the Debtors’ flawed business model, Voyager now seeks to pay bonuses to their already well-compensated employees.”

Interestingly, as TheCoinRise reported, a committee of the lender’s unsecured creditors responded to the lender’s request by filing a motion on August 19, objecting to Voyager’s request. The creditors contend that the employees are already well-paid and that the company hasn’t taken enough steps to scale back its price.

Coming to the recent development, as TheCoinRise reported, Voyager has requested that the court throw out the lawsuit against American billionaire and Shark Tank celebrity Mark Cuban. In a lawsuit filed two weeks ago, it was claimed that Cuban had persuaded inexperienced investors to participate in the company’s “Ponzi Scheme.”