Bankrupt cryptocurrency brokerage Voyager Digital has been mandated to pay $1.1 million to its legal advisor, Kirkland & Ellis, for fees and expenses incurred during the company’s bankruptcy proceedings in April.

The law firm, renowned for representing cryptocurrency companies in similar situations, implemented a blended hourly billing rate and accumulated fees exceeding $1.4 million.

Key Points:

  1. Kirkland & Ellis implemented a blended hourly billing rate of $1,313.18 for legal services provided in April, with cumulative fees exceeding $1.4 million.
  2. Certain high-ranking members of the law firm charged hourly rates surpassing $2,000 for their professional services.
  3. Kirkland & Ellis has represented other cryptocurrency companies involved in bankruptcy proceedings, such as BlockFi and Celsius.
  4. Voyager’s bankruptcy plan was approved by the United States Bankruptcy Court for the Southern District of New York on May 17, 2023.
  5. Binance.US backed out of a deal to purchase $1 billion worth of Voyager assets, prompting the proposal of a third bankruptcy plan on May 5.
  6. Voyager filed for Chapter 11 bankruptcy protection in July 2022 due to the impact of the crypto credit crisis, revealing liabilities ranging from $1 billion to $10 billion.
  7. FTX, another company undergoing bankruptcy proceedings, accumulated over $120 million in financial and legal advisory fees between February 1 and April 30.