BTC
$106,718.16
-
0.90%
ETH
$2,642.27
-
0.36%
USDT
$1.0001
-
0.00%
XRP
$2.2760
+
0.96%
BNB
$678.75
-
1.06%
SOL
$168.45
-
1.43%
USDC
$0.9997
+
0.02%
DOGE
$0.2192
-
0.22%
ADA
$0.7347
-
1.61%
TRX
$0.2761
+
0.36%
SUI
$3.5586
-
0.32%
HYPE
$31.96
-
6.71%
LINK
$15.34
-
1.24%
AVAX
$22.75
-
1.63%
XLM
$0.2820
-
0.47%
TON
$3.4033
+
0.01%
LEO
$9.0693
-
0.13%
SHIB
$0.0₄1414
-
0.15%
BCH
$411.75
+
0.84%
HBAR
$0.1803
-
1.71%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Policy
Share this article
X iconX (Twitter)LinkedInFacebookEmail

BlockFi’s $10M Staff Bonus Package Approved by NJ Bankruptcy Court Judge

The pay is necessary for the firm to retain critical workers, argued counsel for BlockFi.

By Jack Schickler
Updated Jan 27, 2023, 5:07 p.m. Published Jan 27, 2023, 4:26 p.m.
BlockFi CEO Zac Prince at Consensus 2019 (CoinDesk)
BlockFi CEO Zac Prince at Consensus 2019 (CoinDesk)

A $10 million pay and bonus package for staff of crypto lender BlockFi was approved today by New Jersey bankruptcy court Judge Michael Kaplan.

The ruling comes after court documents revealed executives from the crypto lender were granted pay raises of as much as $275,000 each after the company sought a bailout from crypto exchange FTX in June 2022. Dependent on FTX for a $400 million line of credit, BlockFi filed for Chapter 11 bankruptcy protection shortly FTX did the same in November.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

This new deal applies to around 130 staff, who will mostly get a bonus worth 42.5% of salary, paid in three installments over a year. Worth $9.98 million, this package is the right way to secure value for former customers, lawyers for BlockFi told the court.

“It's essential that the debtors institute these retention programs to keep critical workers with the company,” Rush Howell of law firm Kirkland & Ellis told the court, adding that roughly 10% of staff had left since BlockFi declared bankruptcy on Nov. 28. “These retention programs are critical to the debtors’ success … maximizing recoveries to stakeholders.”

Judge Michael Kaplan said he was “happy to approve” the plan, after objections to it based on a lack of details were withdrawn by the U.S. Trustee, a branch of the Department of Justice.

Court filings say the package won’t apply to company “insiders,” a legal term which encompasses directors, officers and their families.

Read more: FTX Loan Wiped Out $800M in BlockFi Executives’ Equity, Court Filing Reveals

RegulationsBlockFiBankruptcyUS
Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.

X icon
CoinDesk News Image
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

3 hours ago

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

3 hours ago

Breaking News

Breaking New test

6 hours ago

FastNews (CoinDesk)

Fast News test

6 hours ago

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
SHIB-USD 1-month chart shows 24.57% gain ending at $0.00004146 on May 15

Shiba Inu (SHIB) Price Drops 7% in 24 Hours but Remains Up 25% Over the Past Month

May 15, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Tax sign (The New York Public Library/Unsplash)

Crypto Capital Gains and Tax Rates 2022

Nov 14, 2022

Swap

Atomic Swaps: What Are They & How Do They Work?

Jan 11, 2024

Pancakes (Mae Mu/Unsplash)

What Is PancakeSwap? Here’s How to Start Using It

Apr 21, 2022

Futures Open Interest, CME (Glassnode)

Recent Inflows Into Spot Bitcoin ETFs Could Be Purely Directional Plays: Van Straten

Dec 4, 2024

This is your last article this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk