Search
Close this search box.

Crypto lender Celsius incurs more than $3 million in legal fees

Crypto lender Celsius incurs more than  million in legal fees

Crypto lender Celsius incurs more than $3 million in legal fees

  • Besieged crypto lender Celsius has suffered more than $3 million in legal
  • Between July 13 and July 31, law firm Kirkland and Ellis billed the crypto lender nearly $2.6 million in fees, and between July 13 and August 31, he received nearly $750,000 Fees from the Office of Attorneys at Akin Gump.

Beleaguered crypto lender Celsius has more than $3 million in legal fees as it works its way through Chapter 11 bankruptcy proceedings. Between July 13 and July 31, law firm Kirkland and Ellis nearly filed for the crypto lender Charged $2.6 million in charges representing Celsius in Chapter 11 proceedings, according to a document filed Friday.

According to a similar document, another legal representative, Akin Gump, received almost $750,000 for his services between July 13 and August 31. To date, Celsius has incurred legal fees totaling more than $3 million.

The Block has reached out to Celsius for comment but has not received a response at the time of publication. After halting withdrawals and transfers in June amid turbulent market conditions, Celsius filed for Chapter 11 bankruptcy in July. Since then he has worked his way up, a restructuring process and the examination of payment options for creditors.

Subsequent reports have revealed significant financial difficulties with $2.8 billion in crypto liabilities, and Kirkland & Ellis forecast Celsius to be nearly $40.million in the red by the end of October.

In September, the Vermont Department of Financial Regulation accused the company of using a Ponzi-like scheme and this month revealed the names and trading histories of its platform users in the latest lawsuit. Such events have resulted in Celsius losing much of its senior leadership and the resignation of its CEO and co-founder.

 

Share to Social Media

Leave a Comment

Your email address will not be published. Required fields are marked *

Recent Articles

Join Our Newsletter