United

April

Read

Steve

<p class="is-style-lead">Voyager Digital, a cryptocurrency brokerage presently dealing with bankruptcy, is mandated to disburse $1.1 million in legal advisory fees to the law firm Kirkland &amp; Ellis, in relation to its ongoing bankruptcy proceedings.</p> 
<p><a href="https://crypto.news/learn/what-is-voyager-digital-from-crypto-stardom-to-bankruptcy/" target="_blank" data-type="URL" data-id="https://crypto.news/learn/what-is-voyager-digital-from-crypto-stardom-to-bankruptcy/" rel="noreferrer noopener">Voyager Digital</a>, a cryptocurrency brokerage facing bankruptcy, is reportedly required to make a payment of $1.1 million to their legal constant, Kirkland &amp; Ellis, for costs and fees related to their bankruptcy proceedings in April.</p> 
<p><a href="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175306282380000000008.pdf" data-type="URL" data-id="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175306282380000000008.pdf" target="_blank" rel="noreferrer noopener">Documents</a> at hand show that Kirkland &amp; Ellis law firm adopted a combined hourly charge of $1,313.18 for various services rendered through the month of April. This cumulative amount assessed for services from attorneys and paralegals within the law firm resulted in a total amount exceeding $1.4 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Legal services can be quite costly, especially in complex cases like cryptocurrency bankruptcies. Kirkland &amp; Ellis's billing of $1.1 million for their services to Voyager Digital highlights the intricate nature of navigating legal matters in the crypto space. It's crucial for…</p>— Monis Inhonvi (@monis8910) <a href="https://twitter.com/monis8910/status/1673939554708103169?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Prominent individuals within the law firm incurred an hourly charge that topped $2,000 for their specialized services.</p> 
<p>It’s worth noting that Kirkland &amp; Ellis is renowned for their representation of multiple cryptocurrency firms during their bankruptcy proceedings, with their client list including names like <a href="https://crypto.news/distressed-crypto-lender-blockfi-to-file-bankruptcy-exit-plan/" data-type="URL" data-id="https://crypto.news/distressed-crypto-lender-blockfi-to-file-bankruptcy-exit-plan/">BlockFi</a> and <a href="https://crypto.news/shaky-cryptocurrency-lending-platform-celsius-files-for-chapter-11-bankruptcy/" data-type="URL" data-id="https://crypto.news/shaky-cryptocurrency-lending-platform-celsius-files-for-chapter-11-bankruptcy/">Celsius</a>.</p> 
<p> You might also like: <a href="https://crypto.news/voyager-digital-set-to-reopen-app-for-fund-withdrawals/"> Voyager Digital set to reopen app for fund withdrawals </a> </p> 
<p>The bankruptcy proposal of Voyager was sanctioned by the United States Bankruptcy Court for the Southern District of New York on May 17, 2023. This was the third proposal submitted, on May 5, after Binance.US <a href="https://crypto.news/binance-us-cancels-1b-purchase-of-voyager/" target="_blank" data-type="URL" data-id="https://crypto.news/binance-us-cancels-1b-purchase-of-voyager/" rel="noreferrer noopener">withdrew their intention</a> to purchase $1 billion in assets from Voyager on April 25.</p> 
<p>Back in July 2022, Voyager sought protection under Chapter 11 bankruptcy due to the considerable repercussions of the crypto credit crisis that had adversely affected several lenders and brokers within the industry. Under former CEO Steve Ehrlich, Voyager had been a publicly listed firm in Canada.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="VOYAGER - WITHDRAW NOW" width="1020" height="574" src="https://www.youtube.com/embed/EYHs14EUgGk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>At the time Voyager filed for bankruptcy, it revealed liabilities anywhere between $1 billion to $10 billion, thus indicating the scale of their financial obligations and the circumstances that compelled them to file for bankruptcy protection.</p> 
<p>Voyager’s situation is not unique when it comes to paying substantial fees during bankruptcy proceedings. Another example is <a href="https://crypto.news/ftx-may-be-bankrupt-as-binance-pulls-out/" data-type="URL" data-id="https://crypto.news/ftx-may-be-bankrupt-as-binance-pulls-out/">FTX</a>, another crypto company currently in bankruptcy, which incurred over $120 million in financial and legal advisory fees between Feb. 1 and April 30.</p> 
<p> Read more: <a href="https://crypto.news/investors-ditch-ftx-celsius-blockfi-and-voyager-debt-as-doubts-surface/"> Investors ditch FTX, Celsius, Blockfi, and Voyager debt as doubts surface </a> </p>

Voyager Digital bankruptcy proceedings hit $1.1m in legal advisory fees

crypto.news

2023년 6월 28일에 게재된 다른 기사

Binance Futures Lists A New Altcoin With 20x Leverage!

Warner Music Group Announces Collaboration With Surprise Altcoin Network!

UK’s Law Commission recommends separate laws for Crypto to be used as collateral

Carbon Whitepaper: A High-Level Summary

Bitcoin Price Surges on US Fed’s Jerome Powell Rate Hike Hints

Australian Banks Highlight Crypto's Role in 40% of Scams

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!