Top crypto execs cash in as stocks collapse
Long before the collapse in stock prices of crypto companies this year, executives protected themselves with spectacular paydays detailed in Securities and Exchange Commission (SEC) filings.
With lavish pay packages that paid out even during the horrible bear market, the fine print tells an entirely different tale than their public storytelling.
Consider the executive compensation package for David Bailey, Donald Trump ally and CEO of bitcoin (BTC) treasury company Nakamoto.
Despite its 98% stock price decline, Nakamoto filed exhibit 10.15 to its August 11 form 8-K in which it admitted to paying a company that Bailey controls, BTC Consulting LLC:
- A $250,000 signing bonus
- A monthly consulting fee of $58,333
- An…
