Washington: An employee at a tech start-up in the United States was shocked after her boss asked her to return their salary which was paid in cryptocurrency because its value has increased rapidly.
Sources said that the worker estimated has received their payment in August 2020 and since then, the value of the cryptocurrency rose up by more than 700 per cent which means that they have a small fortune. And now, their boss wants it back.
However, the employee said that they have worked for the CEO previously and recently, they received an e-mail claiming that because they failed to generate revenue for the company, they should send back all of the cryptocurrencies received.
Read moreIn return, the employee will be paid in the US dollars for the work they originally did.
The employee said, "So basically, stating that I can invoice in USD at seven times less than what the crypto is worth today."
They added that they are not really sure what to do. They have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating.
Read moreThe employee is in great shock and asking for suggestions about is this fair solution and should she return some of the cryptocurrency for hours worked.
Although she said that paying employees in cryptocurrency is a risky practice for both the boss and the employee, asking for payment back, is not a good solution.
As per the sources, the employee would likely need to pay 20% on the earnings under the current capital gains tax rate in the United States depending on the number of cryptocurrencies used for payment.
