THE LATEST CRYPTO NEWS FROM CNS BlockFi exec argues bankr | Crypto Never Sleeps Broad

THE LATEST CRYPTO NEWS FROM CNS

BlockFi exec argues bankruptcy court should approve bonuses to retain talent

Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings.

In a Jan. 23 declaration for United State Bankruptcy Court in the District of New Jersey, Crowell said that without giving certain financial incentives, BlockFi might be unable to retain employees in a “highly competitive” crypto industry. According to the BlockFi executive, many staff were “highly likely to leave the company” during the Chapter 11 process without “competitive compensation,” potentially adding to costs down the road.

https://cointelegraph.com/news/blockfi-exec-argues-bankruptcy-court-should-approve-bonuses-to-retain-talent


We Must Expedite the Move From Centralized Services to Viable DeFi Alternatives

The gross mismanagement and outright fraud in 2022 by many opaque centralized exchanges are driving people back to the core tenets of crypto, such as decentralization, self-custody, transparency, and censorship resistance. People are naturally turning to DeFi (decentralized finance). Unfortunately, much of DeFi is not yet ready to act as a suitable substitute.

https://news.bitcoin.com/we-must-expedite-the-move-from-centralized-services-to-viable-defi-alternatives/


BlockFi to sell $160M in Bitcoin miner-backed loans

Bankrupt crypto lending firm BlockFi reportedly has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings.

In a Bloomberg report on Jan. 24, two people “familiar with the matter” claimed that BlockFi started the process of selling off the loans last year.

The crypto lender filed for Chapter 11 bankruptcy in November, citing its significant exposure to the now-defunct crypto exchange FTX for its downfall.

https://cointelegraph.com/news/blockfi-to-sell-160m-in-bitcoin-miner-backed-loans-report