Bankruptcy Court Approves BlockFi Debtors to Implement Employee Retention Plan

According to The Block, New Jersey Bankruptcy Court Judge Michael Kaplan has approved BlockFi debtors’ request to provide bonuses to senior employees, implement an employee retention plan, and keep key employees in the company. BlockFi has lost 11 employees in a “talent war” since filing for bankruptcy protection, accounting for nearly 10% of the company’s remaining workforce. BlockFi’s employee retention program, which will give employees bonuses equal to 42.5% or 9% of their base salary, depending on their role, could cost as much as $10 million. the