September 29, 2022

Celsius Network has withdrawn its hiring of former CFO Rod Bolger. The company had planned to hire him to help with the bankruptcy process.

Lending platform Celsius has withdrawn its offer to hire former CFO Rod Bolger, according to court filing in the southern district of New York. The company had filed a proposal to hire Bolger earlier this month, saying it needed his expertise to help navigate the bankruptcy process.

The withdrawal comes just before a hearing scheduled for August 8. Kelsius had planned to rehire Bolger at a salary of $92,000 a month for a minimum period of six weeks. Bolger had resigned from the company, serving his eight-week notice period. He was the former CFO of Royal Bank of Canada and Bank of America divisions.

Investors had also taken issue with the decision to rehire Bolger. Lawyers for some investors objected, saying Celsius offered “few details” as to why his experience was necessary. A lawyer said the decision “reflects a level of callous indifference to Celsius’ customers”.

Celcius is still enduring a difficult time

The Kelsi saga was full of drama and remains to strongly hold the attention of the wider world. Its clients, meanwhile, face a bleak outlook and it could be years before they can access their funds.

The company also faced a data breach recently, compounding its woes. An Arkansas resident has also filed a class action lawsuit against the company. This series of events does not make it any easier for Kelsiou as he tries to get out of his financial stress.

Voyager to continue the downloads

There have been some positive developments in the Voyager case, which should bring some relief to customers. The company announced in a blog post that it will resume withdrawals of up to $100,000 in a 24-hour period starting August 11.

Voyager was recently given the green light to return $270 million to its customers. He also reportedly has several offers on the table and even received one from Alameda Research and FTX. The company’s lawyers said that this offer was low and that the company is open to “serious proposals”.

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