SNEAK PEEK
- Celsius Network dropped the plans for rehiring Rod Bolger, ex-Chief Financial Officer.
- Celsius is scuffling with a $1.2 billion black hole in its finances at the time of writing this article.
- The crypto lending company doesn’t see itself fit to pay $92K monthly during financial turmoil.
In a recent announcement, it has come to light that Celsius Network has withdrawn its advisory agreement with Rod Bolger, ex-Chief Financial Officer at Celsius Network. The company has turned back on its initial efforts to rehire its ex-CFO and pay him $92K a month.
This comes following the resignation of Rod Bolger on June 30, which was just a couple of weeks following the announcement that the crypto lender had gone bankrupt. The company reportedly halted all the swaps, withdrawals, and transfers in a shocking announcement that led to the resignation of Rod Bolger.
The sudden news of the CFO of the crypto lending company resigning from the firm ignited the fire that was already there and ended even worse. This was the time when over 1.7 million people were unable to gain access to any of their funds for around two months.
In a previously released court filing, it was confirmed that around 300,000 customers have a balance of over $100, and Celsius is standing at a loss of $1.2 billion in its finances.
It should be noted that earlier, Celsius Network was inclined seriously towards bringing Bolger back on in an advisory capacity. This was due to the fact that Bolger is well-equipped with the knowledge and experience in the business. The official statement pondered upon Rod’s institutional experience and knowledge surrounding the distinct features of cryptocurrency being invaluable.
It also came to light that Bolger had misguided some information to customers just some days prior to the day when withdrawals were halted suddenly. He revealed in a blog post that the strong liquidity framework of the company had put the firm in a strong position to analyze recent fluctuations in the market.
Most recently, on Friday, the lawyers from Celsius Network shared an update that the motion to enter into this advisory agreement with the ex-CFO of the company, Rod Bolger, had been withdrawn.
