BlockFi Granted Court Permission to Pay about $10 Million in Staff Bonus

Bankrupt crypto lending firm BlockFi has been granted court permission to pay nearly $10 million in staff bonuses, according to a filing dated Jan. 27.

BlockFi has an employee retention program that includes an additional bonus on top of the base salary. The program will see BlockFi pay up to $9.98 million to a few remaining employees. That amount will be distributed to employees in three installments. There will be two tiers of payment: one which pays employees 42.5% of their base salary amount and one which pays employees 9% of their base salary amount.

The court filing did not state how many employees are eligible for the bonus. The firm has about 125 employees at present.