Bankrupt Crypto Lending Platform Celsius Withdraws Motion to Hire CFO Back at $92,000 a Month

Aug 08,2022
KingData News: Embattled lending platform Celsius has withdrawn its motion to bring back ex-CFO Rod Bolger at $92,000 a month, prorated over a period of at least six weeks, according to a court document filed in the Southern District of New York on Friday. The reason for this is unknown at this time. Bolger reportedly resigned from Celsius on June 30 after just five months as CFO, and the company subsequently filed for Chapter 11 bankruptcy protection in mid-July. In the original motion, Celsius said it needed Bolger to help it navigate the bankruptcy proceedings as an advisor.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.