Voyager Digital Bankruptcy Costs Less Than Half of Celsius

Disparity in Bankruptcy Costs

Voyager Digital and Celsius Network, two prominent crypto lenders, are undergoing bankruptcy proceedings with vastly different financial implications. Voyager's bankruptcy is projected to cost $44 million, while Celsius's expenses could exceed $140 million.

Breakdown of Voyager's Expenses

Voyager's financial obligations primarily stem from legal and auditing fees. Kirkland & Ellis LLP, a major law firm representing Voyager, accounts for nearly half of the bankruptcy costs with charges exceeding $18 million. Additionally, Deloitte's auditing services have cost over a million dollars. Despite these expenses, Voyager's overall bankruptcy costs remain significantly lower than Celsius's.

Celsius Network's Hefty Expenses

Celsius Network's bankruptcy expenses are projected to surpass $144 million, with over $42 million in costs still pending court filing. Kirkland & Ellis LLP's billable hours for Celsius alone are estimated at $48.8 million, exceeding Voyager's total bankruptcy costs. Other law firms, including White & Case and Latham & Watkins, have collectively charged more than $95 million over nine months.

Implications for the Crypto Industry

The substantial difference in bankruptcy costs between Voyager Digital and Celsius Network underscores the financial burdens associated with legal and auditing services in the crypto industry. This disparity highlights the importance of efficient financial management during bankruptcy proceedings, as well as the need for transparent financial practices within the crypto sector.