Celsius Network paid lawyers more than $3 million

The cryptocurrency-lending platform Celsius Network from July 13 to July 31 allocated $3.35 million to pay for the services of law firms Kirkland and Ellis and Akin Gump for participation in the restructuring process.

The first received nearly $2.6 million, the second — ~$750 thousand.

13 июня криптолендинговая платформа suspended withdrawals, exchanges and transfers between accounts.

About a month later Celsius and certain affiliated entities filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The platform’s liabilities exceeded its assets by $2.85 billion.

In August, the U.S. Trustee’s Office raised “numerous questions” about the firm’s leadership. Before that, FT reported on the interference by CEO Alex Mashinsky in implementing the trading strategy of the crypto-lending platform, which cost “millions of dollars.”

In September, the CEO presented a plan to rescue Celsius from bankruptcy, according to media reports. Later, Mashinsky left his position.

Earlier ForkLog reported that the company is considering issuing wrapped tokens as part of its restructuring plan.

The auction for Celsius Network assetswill take place no later than 10:00 (ET) 20 October.

Earlier, a bankruptcy judge allowed disclosure of detailed data on users’ transactions on the platform.

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