Employer Wants Cryptocurrency Back From Employee After Price Soars 700%, Offers to Pay in US Dollars Instead

By Kevin Helms10 days ago

A company paid an employee for his work done in cryptocurrency. However, after the price of the cryptocurrency skyrocketed 700%, the employer wants the coins back, offering to pay the employee in U.S. dollars instead.

Employer Wants Crypto Back After It Rose 700%

Marketwatch published a letter to The Moneyist columnist, Quentin Fottrell, Monday from someone asking for advice about crypto payments he received from his employer. The Moneyist is a service that provides answers to all sorts of dilemmas, and Fottrell is the publication’s personal finance editor as well as The Moneyist columnist.

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The letter was signed “Crypto Confused,” who explained that he did some business development work for a tech startup “on a contract basis.” The company is still trying to generate its first dollar in sales, he noted.

“The purpose of the contract was to generate sales and it included a commission component, but the understanding was that I would bill hourly for cold calling and emailing people, generating proposals, setting up meetings, participating in and leading pitches, etc., with the goal of generating revenue,” the letter explains, adding:

In August 2020, I received payment for the contract work in cryptocurrency. Since then, the prices of cryptocurrency have skyrocketed. As of this moment, the crypto that I received payment in has gone up 700%.

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