Voyager Digital’s Bankruptcy Costs Less Than Half Of Celsius’

As Voyager Digital’s sale to Binance US nears, crypto sleuths are digging into the finances surrounding the defunct crypto lender’s bankruptcy. A crypto influencer who goes by the name Camc Crews on Twitter recently pointed out the significant disparity in the bankruptcy cost of Voyager and fellow bankrupt crypto lender Celsius Network.

Voyager’s bankruptcy looks on track to cost less than 1/2 as much as Celsius.

We can compare Voyager’s $44M in assessed fees to Celsius’s $100M. While Celsius’s missing fees can be projected forward to $144M through March, I didn’t feel comfortable doing projections w/ Voyager. pic.twitter.com/1TegfPzUMj

— Cam Crews (@camcrews) March 22, 2023

According to data gathered by Crews, Voyager Digital’s bankruptcy is on track to cost approximately $44 million. The majority of this sum went towards the fees and expenses associated with the law firms that represented the crypto lender in court, as well as auditors and accounting firms that were hired to crunch the numbers.

Kirkland & Ellis LLP accounted for nearly half of Voyager’s bankruptcy cost. The law firm, which has also been hired by BlockFi and Celsius, has charged more than $18 million in fees since it was tapped by the bankrupt crypto lender. Accounting giant Deloitte has received more than a million dollars for its services. Crews pointed out that despite the huge fees, Voyager’s bankruptcy is on track to cost less than half of what Celsius’ bankruptcy will cost.

In contrast, the Celsius Network is set to blow over $144 million on the expenses associated with its bankruptcy. This figure includes over $42 million of expenses that are yet to be filed in the bankruptcy court.

Kirkland & Ellis’ billable hours for this bankrupt crypto lender are projected to be a whopping $48.8 million, more than Voyager’s combined bankruptcy cost. A string of law firms that include White & Case and Latham & Watkins, among several others, have already charged more than $95 million over the past nine months.

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