Celsius To Pay Over $3M As Legal Counsel Fees

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Alex Mashinsky; Photo Source: Bitcoinist

Monthly fee statements from law firms revealed that Celsius owes them over $3M as litigation counsel expenses.

Kirkland & Ellis, an American law company, charged $2.6M for providing legal counsel to Celsius between July 13 to July 31. K&E's fee statement revealed that the firm incurred expenses amounting to $3.1M during this period, and requested Celsius to pay 80% of this sum.

Another law firm, Akin Gump Strauss Hauer & Feld, asked the crypto lender to pay $750K for providing similar services from July 13 until the end of August.

This brings the amount that Celsius owes these law firms to $3M.

Last month, the Court appointed Shoba Pillay as an independent examiner in the Celsius bankruptcy case. In a recent court filing, she estimated that her investigations into Celsius' operations will cost the firm roughly $3M to $5M.

She claimed that the amount is just an "educated guess" as the scope of her investigation is currently unknown. This is because Celsius has yet to provide her with the documents necessary to carry out her inquiry.



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Loeb & Loeb LLP's Daniel Besikof noted that the litigation counsel fees for this case could amount to tens of millions of dollars.

Besides litigation expenses, Celsius also owes $5.4M to Core Scientific in hosting fees for its mining ventures.

At the beginning of October, Celsius set dates for the auction of its assets and chose October 17 as the final bid deadline.

Written by
Ayush Pande

Monthly fee statements from law firms revealed that Celsius owes them over $3M as litigation counsel expenses.

Kirkland & Ellis, an American law company, charged $2.6M for providing legal counsel to Celsius between July 13 to July 31. K&E's fee statement revealed that the firm incurred expenses amounting to $3.1M during this period, and requested Celsius to pay 80% of this sum.

Another law firm, Akin Gump Strauss Hauer & Feld, asked the crypto lender to pay $750K for providing similar services from July 13 until the end of August.

This brings the amount that Celsius owes these law firms to $3M.

Last month, the Court appointed Shoba Pillay as an independent examiner in the Celsius bankruptcy case. In a recent court filing, she estimated that her investigations into Celsius' operations will cost the firm roughly $3M to $5M.

She claimed that the amount is just an "educated guess" as the scope of her investigation is currently unknown. This is because Celsius has yet to provide her with the documents necessary to carry out her inquiry.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Loeb & Loeb LLP's Daniel Besikof noted that the litigation counsel fees for this case could amount to tens of millions of dollars.

Besides litigation expenses, Celsius also owes $5.4M to Core Scientific in hosting fees for its mining ventures.

At the beginning of October, Celsius set dates for the auction of its assets and chose October 17 as the final bid deadline.

Written by
Ayush Pande