Crypto lending firm Celsius Network has submitted a notice to get onboard its former CFO Rod Bolger for advising on bankruptcy proceedings. A hearing that is due on August 8 will consider the motion.
It is worth noting that Bolger was an employee of the firm for merely five months before he resigned in June. He then replaced Yaron Shalem who was arrested last year over alleged fraud related to cryptocurrency, and was later replaced by Chris Ferraro.
The motion is filed in US Bankruptcy Court Southern District of New York.
The notice stated that Bolger will receive a payment of Canadian $120,000 ($93,188) a month for a minimum of six weeks. It further noted that this agreement will help Celsius with his “much-needed accounting and financial expertise during unprecedented times for [Celsius].”
Celsius attorneys said that the debtors recognize that they need Mr. Bolger’s services and expertise as they now transition ‘into chapter 11 and begin negotiating a path forward’.