The $3 million legal fees incurred by Celsius, a troubled crypto lender, have exceeded $3 million. The crypto lender was charged almost $2.6 million by Kirkland and Ellis between July 13 and July 31. Akin Gump owed nearly $750,000 between July 13 and August 31.
As it works through Chapter 11 bankruptcy proceedings, Celsius, a troubled crypto lender, has already incurred over $3 million in legal costs.
According to , a document filed Friday, the crypto lender was represented by Kirkland and Ellis between July 13 and July 31. The firm charged almost $2.6 million in fees. Akin Gump was another legal representative that charged Celsius almost \$750,000 between July 13th and August 31 according to an identical filing.
Celsius was contacted by The Block for comment, but they had not responded to them at the time of publication.
Celsius filed for Chapter 11 bankruptcy July after suspending withdrawals and transfers due to turbulent market conditions. It has been struggling through a restructuring and looking at ways to pay its creditors.
Later reports revealed that there were significant financial problems with $2.8 Billion in crypto liabilities. Kirkland & Ellis predicting that Celsius would be nearly \$40 Million in the red by October’s end.
The Vermont Department of Financial Regulation accused the company of using Ponzi-like schemes. This month, it made public the names as well as the trading history of its users in the most recent legal filing. These events led Celsius to lose much of its senior leadership. Its CEO, and cofounder were both removed from the company.
