Celsius lawyer and adviser fees on track to reach $144M, community responds

Legal and advisory fees during bankruptcy proceedings for crypto lender Celsius Network are projected to reach $144 million, sparking reactions from members of the crypto community.

In a March 21 tweet, software developer Cam Crews share A spreadsheet summarizing the reported and projected fees that bankrupt cryptocurrency lenders have to pay. About $102 million has been filed so far, according to data. The developer also says there are several months missing, with about $42 million in fees still unpaid and unfiled.

Congratulations to the attorneys and advisors of Celsius who are now over $140 million in fees at the expense of the victims left behind. @ machine skiSneaky $3 Billion Scam. pic.twitter.com/PwYJ8JLwKO

— Cam Crews (@camcrews) March 20, 2023

The tweet received reactions from members of various cryptocurrency communities, comparing the situation in Celsius to the current problems of Silicon Valley Bank (SVB), which creditors set up their own law firm. Some even suggest doing so.

according to One Twitter user said they were lied to by Celsius founder Alex Mashinski, but Justice told them they were at fault. Meanwhile, community members believe SVB’s wealthy venture capital depositors had their funds covered, even without insurance.

Meanwhile, another community member I believe Attorneys should be compelled to ask if there is an organization in the United States that audits attorneys and to provide “proof of work.”

Related: Coinbase, Celsius, Paxos Disclose Signature Bank Funds

Lawyers are so well paid that one community member sarcastically suggested that creditors setting up their own law firms could be a way to make them sound. Did. A Twitter user said he could charge $2,000 until the outstanding amount is paid.

Lawyers make millions, but what are our little ones getting?

— Chris (@browncoat1of1) December 29, 2022

On December 29, community members expressed similar sentiments as Celsius expressed its intention to extend the claim deadline. Some believed it was just a delaying tactic, while others jabbed at legal fees and compared it to what “little people” would get.