Celsius lawyers and advisors on track to gain over $140M in fees Celsius lawyers and advisors on track to gain over $140M in fees
The staggering legal fees in the Celsius case are difficult to comprehend for many fraud victims who just want justice.
2 min read
Updated: Mar. 21, 2023 at 3:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Legal fees in the case of the bankrupt crypto lender Celsius are skyrocketing.
According to newly available information, the fees earned by Celsius’ lawyers and advisors are now on track to total more than $140 million.
@CamCrews posted a link to a Google doc with detailed lawyer fees showing that Kirkland Ellis โ one of Celsius’ lawyers โ is expected to earn $48.8 million in fees, with $31.7 million billed through December 2022.
Meanwhile, White & Case is projected to earn $28 million โ with $20.9 million billed through January. The third-ranked law firm in earnings is Alvarez & Marsal, with projected fees of $15.7 million showed $11.8 million billed through January.
Legal fees
Beyond the Celsius case, such high numbers highlight the substantial amount of money involved in legal proceedings relating to fraud cases. While it is essential for legal professionals to be compensated for their services, the high fees can create additional hardship for the victims of fraud who may already be struggling with financial losses.
Read more: Celsius prepares to reopen partial withdrawals for eligible users
However, in the U.S., the legal system is designed to balance the needs of all parties involved and ensure that justice is served. In the case of Celsius, the fees have been skyrocketing โ leading to users who lost their funds feeling doubly so.
In the case of FTX, Sam Bankman-Fried (SBF) has recently petitioned the court to allow insurance fees to cover what is estimated to be a nine-figure territory legal bill, all the while victims of these frauds often must wait months, if not years, to see resolution.
Read more: Former FTX CEO Sam Bankman-Fried seeks insurance coverage for legal expenses
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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Celsius Network is a P2P decentralized lending & borrowing platform.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.