Celsius Network has paid more than $3 million in post-bankruptcy lawsuits.
Due to the decline in the cryptocurrency market, many crypto-focused companies have filed for bankruptcy. Starting with crypto hedge fund Three Arrows Capital, filings for bankruptcy have extended to crypto lending platform Celsius Network. The company, which has been struggling with bankruptcy cases for a long time, has spent a large amount of money on lawsuits.
Celsius Pays More Than $3M for Litigation
After Celsius Network collapsed with the liquidity crisis, many users in the cryptocurrency market lost money. Of course, inevitably this included the company itself. Although Celsius has made recovery plans after its collapse, it has not yet reached the surface of the water.
Between July 13 and July 31, law firm Kirkland and Ellis charged Celsius approximately $2.6 million for representing Celsius in Chapter 11 cases, according to the latest documents.
Another legal representative, Akın Gump, demanded approximately 750 thousand dollars for his services between 13 July and 31 August, according to a similar file. This reveals that Celsius paid a total of more than $3 million in legal processing fees.
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