Start-up that paid in cryptocurrency asks employee to return it as market value shoots up

In an unforeseen turn of events, an employer asked one of his employees to return the cryptocurrency that he paid to him after the market value of the cryptocurrency skyrocketed 700 per cent. In the letter published to The Moneyist by the Marketwatch, an employee complained that he had been asked to hand over the crypto payments that he had received earlier in return for a contract to generate sales under the commission component. As the world’s second-largest cryptocurrency Ether hit a record high value of $3,568.92 on the Bitmap Exchange, topping $3,000 for the first time this week, surpassing Bitcoin that dipped 11 per cent, the CEO of the tech firm, not named, demanded that his employee returns the currency with immediate effect. 

“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 percent,” read the content of the letter to financial expert Quentin Fottrell, signed as “Crypto Confused.” The employee further explained that he was cryptocurrency for tech startup work. 

US greenback clause struck off

“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 content of the letter further read. The employee sought advice for his next action, as the CEO stressed that he sends all of the cryptos received in August 2020 and can invoice the company for the hours worked in USD.  In his submit, the employee stated that the contract initially did have a clause of fee in US greenback by the corporate, but the boss struck it and handed the crypto. In the email, the CEO now demanded that his currency be returned as his work ‘enterprise growth work’ didn’t generate any income.

The Market Watch’s private finance expert however advised against the CEO’s request, stating that it wasn’t mentioned within the contract for the enterprise to ask the cryptocurrency back, all the more considering its current market worth. “Your employer should abide by the terms of his contract. Even if the contract said you could be paid in either dollars or crypto, asking for the salary back is an entirely different matter,” Fottrell’s response read on MarketWatch.