Civil was supposed to create a more transparent and democratic model for journalism. But so far, journalists working on its platform have yet to receive all of the compensation they say they were promised when hired.
According to several current and former employees of news organizations sponsored by the blockchain startup, Civil told journalists in its 18 newsrooms around the U.S. that the CVL cryptocurrency – which, when issued, was supposed to comprise part of their pay – would probably end up being worth several times more than the estimated valuations mentioned in meetings and reported in tax forms.
Yet lackluster demand caused Civil to cancel a public sale of the tokens last month. Now, the reporters have no idea if or when they'll be paid the tokens that were supposed to be part of their compensation.