2 years ago
Bankrupt FTX projected a retention program that would wage the exchange’s employees bonuses of up to 94% of their salary, according to a March 8 tribunal filing.
The bonus is capped astatine $4,027,204 and is designed to cater to employees with “unique and specialized skillsets” that would beryllium hard to regenerate and are captious to the firm’s case.
Per the filing, the FTX’s employees who suffice for these bonuses included those with programming cognition of Python, Rust, Flutter, and NodeJS. Others see employees who cognize the firm’s administrative duties, accounting and concern processes, etc.
According to the filing, these employees person taken connected added responsibilities and workload since FTX’s CEO, John Ray, reduced the exchange’s workforce. In addition, it said the firm’s existent cryptocurrency and equity-based compensation programs had had small worth since filing for bankruptcy.
Meanwhile, the filing stated that nary bonuses would beryllium paid to “insiders” oregon FTX’s erstwhile apical executives – Samuel Bankman-Fried, Gary Wang, Nishad Singh, and Caroline Ellison – and their families. Besides that, nary bonuses would beryllium paid to employees engaged successful wrongdoing.
FTX wants to merchantability its involvement successful Sequoia Capital for $45M
In a further development, FTX’s sister institution Alameda Research intends to merchantability its involvement successful task superior steadfast Sequoia Capital for $45 cardinal to Al Nawwar Investments RSC Limited, according to a March 8 tribunal filing.
According to the filing, Alameda agreed to merchantability to Al Nawwar due to the fact that it made a “superior connection and quality to execute the Sale Transaction wrong a abbreviated clip frame.”
Al Nawwar is simply a institution incorporated nether the Abu Dhabi Global Market laws and reportedly owned by the Abu Dhabi government. The filing noted that the institution is besides an capitalist successful Sequoia Capital.
The woody is taxable to the Delaware bankruptcy judge’s support and is expected to adjacent by March 31.
Meanwhile, Sequoia was 1 of FTX’s investors. The task superior steadfast was 1 of the archetypal concern companies to write off its concern successful the crypto exchange.
The station FTX proposes $4M worker bonus plan; intends to merchantability $45M involvement successful Sequoia Capital appeared archetypal connected CryptoSlate.
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