{"id":80917,"date":"2023-06-28T17:17:48","date_gmt":"2023-06-28T14:17:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80917"},"modified":"2025-09-11T19:50:56","modified_gmt":"2025-09-11T16:50:56","slug":"voyager-digital-to-pay-1-1-million-for-a-month-of-legal-services","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/voyager-digital-to-pay-1-1-million-for-a-month-of-legal-services\/","title":{"rendered":"Voyager Digital to pay $1.1 million for a month of legal services"},"content":{"rendered":"

The bankrupt crypto broker Voyager Digital will pay $1.12 million<\/a> to the law firm Kirkland & Ellis as reimbursement of expenses and fees for April.<\/p>\n

According to the report, the law firm billed an hourly rate of $1,313.18 for all its services.<\/p>\n

In total for the month the firm spent $1.41 million, seeking reimbursement of 80% of the costs. Earlier, Voyager’s lawyers had already reserved $259.6 million for court costs, administrative claims and other ‘withholdings’.<\/p>\n

On July 5, 2022, Voyager Digital filed for bankruptcy. The company put total obligations in the range of $1 billion to $10 billion.<\/p>\n

The broker is one of the creditors of hedge fund Three Arrows Capital. The latter failed to repay debt of 15,250 BTC and $350 million USDC, so in June Voyager Digital sent him a notice of default<\/a>.<\/p>\n

In September, the FTX, founded by Sam Bankman-Fried won the auction<\/a> to sell the broker’s assets, bidding around $1.4 billion.<\/p>\n

Subsequently, Voyager reached a preliminary agreement<\/a> with the U.S. unit of the exchange. The deal was to return to clients 72% of the value of their assets.<\/p>\n

After the November 11 filing by FTX Group bankruptcy filing<\/a> Voyager Digital said it would restart the auction and was prepared to discuss terms with potential buyers.<\/p>\n

In December 2022, Binance.US offered the highest bid<\/a> for Voyager’s assets \u2014 $1.02 billion.<\/p>\n

However, regulators, including the U.S. Securities and Exchange Commission (SEC) and the New York State Department of Financial Services, opposed<\/a> the deal.<\/p>\n

During hearings in the case, SEC representatives stated<\/a> that the U.S. unit of Binance runs an unregistered securities exchange. The U.S. Department of Justice also opposed<\/a>. On March 28, 2023, the court stopped the sale process<\/a>.<\/p>\n

In May, Voyager Digital said that it was preparing for liquidation and payments to creditors<\/a> \u201cwithin a few weeks.\u201d Payments are planned in fiat and digital assets. Clients will receive 36 cents<\/a> on the dollar of their assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bankrupt crypto broker Voyager Digital will pay $1.12 million to Kirkland & Ellis as reimbursement of expenses and fees for April.<\/p>\n","protected":false},"author":1,"featured_media":80918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1546],"class_list":["post-80917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-voyager"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80917"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80917\/revisions"}],"predecessor-version":[{"id":80919,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80917\/revisions\/80919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80918"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}