A company paid an employee for their work in cryptocurrency. However, after the price of the cryptocurrency increased by 700%, the employer wants the coins back and offers the employee to pay in US dollars instead.
Employer wants crypto back after it rose 700%
Marketwatch published a letter to Moneyist columnist Quentin Fottrell on Monday from someone who sought advice on crypto payments 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 and columnist for The Moneyist.
The letter was signed “Crypto Confused,” which stated that he had done some business development work for a tech startup “on a contract basis”. The company is still trying to get its first turnover.
“The purpose of the contract was to generate sales and it had a commission component, but the understanding was that I would make cold calls and emails to people every hour, generating proposals, setting up meetings, attending and directing of parking spaces etc. would also be charged with the aim of generating income, “explains the letter and adds:
In August 2020 I received a payment for contract work in cryptocurrency. Since then, cryptocurrency prices have skyrocketed. From that moment on, the crypto that I received payment in has increased by 700%.
As the price of the cryptocurrency the startup paid the employee skyrocketed, the company’s CEO wrote to the employee. He stated, “As you have not generated any revenue for the company and are currently not doing any follow-up work, please return all of the crypto received in August 2020. You can bill the company for hours worked in USD, ”the letter says.
Crypto Confused wasn’t sure what to do and is seeking advice on whether to return some of the cryptocurrency for the hours worked. Nor did he disclose what cryptocurrency he received.
Fottrell replied to the letter, insisting that he shouldn’t return any cryptocurrency. “No. Oh no. No thanks. Absolutely not. Ask me again in 2121,” he wrote, emphasizing:
Your employer should stick to the terms of their contract … Even if the contract says you can be paid in either dollars or crypto, asking for salary repayment is a whole different matter altogether.
Fottrell added that “any effort to break this contract with bullshit about how employees X or Y didn’t do it, meaning they should get paid one way or another is a sharp practice at best and him at worst Open the case for a lawsuit. “
Do you think the employee should return some of the cryptocurrency received to the employer? Let us know in the comments below.
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