•BlockFi is attempting to retain as much of its talent as possible despite its bankruptcy proceedings.
•The Chief People Officer at BlockFi, Megan Cromwell, has stated that the lender risks losing more talent unless a retention petition filed on November 28, 2022 is approved.
•Celsius, another crypto lender that has gone bankrupt, is also looking to retain top talent amid its bankruptcy proceedings.
BlockFi, a crypto lender, is attempting to retain as much of its talent as possible as it continues to move through the bankruptcy process. Chief People Officer Megan Cromwell has warned that the lender risks losing more talent unless a retention petition filed on November 28, 2022 is approved. The petition has been opposed by the creditors‘ Committee and the US Trustee, however.
The lender was among a number of companies hit by the fall of Sam Bankman Fried’s empire, which comprised FTX and Alameda. The FTX bankruptcy estate recently opposed a request made by BlockFi to access the Robinhood shares owned by Bankman-Fried. These shares were pledged as collateral for a loan issued by the lender to Alameda Research. Bankman-Fried, BlockFi, and FTX are all contesting the ownership of these shares, and the US Department of Justice has also commenced the process of seizing the shares.
Celsius, another crypto lender that has gone bankrupt, is also looking to retain top talent as it moves through its bankruptcy proceedings. Celsius filed for bankruptcy in mid-2022 and is currently facing the same issues as BlockFi. Both companies are hoping their retention petitions will be approved in order to ensure that their top talent is not lost during this difficult time.
The future of these two companies remains uncertain, and it is unclear how the bankruptcy process will impact their operations and personnel. It is likely that both companies will continue to struggle to hold onto their talent and resources as the bankruptcy processes move forward.