Creditors for bankrupt Voyager Digital billed $5.1M in legal fees

Would You like a feature Interview?

All Interviews are 100% FREE of Charge

New York-based law firm McDermott Will & Emery has sought $5.1 million in damages from creditors of bankrupt crypto brokerage Voyager Digital. The bill covers legal services provided from March 1 through May 13, 2023.

In court on July 3rd filing, the law firm billed the “Official Board of Unsecured Creditors” for attorney’s fees. Court documents show the law firm was charging $1,026.76 an hour for its services during the period.

The firm lists several legal services it has provided to Voyager, including advising the Commission on its powers and obligations under the Bankruptcy Rules, attending meetings and assisting debtors and stakeholders. This includes negotiating with representatives of the Commission and making all necessary preparations on behalf of the Commission. Motions, petitions, responses, orders, reports, responses, responses, documents, etc.

This is the third and final bill from the law firm, totaling $16.48 million in damages from July 5, 2022 to May 19, 2023, of which $8.97 million has already been credited to creditors. is paid by However, his McDermott Will & Emery is not the only legal services provider serving Voyager. On June 28, legal counsel Kirkland & Ellis also sued Voyager for $1.1 million in legal fees for April.

McDermott Will & Emery did not immediately respond to Cointelegraph’s request for comment.

Related: Voyager app to resume customer withdrawals as early as June 20

Voyager filed for bankruptcy in July 2022 amid a crypto lending crisis that led to a market contagion and the collapse of several incumbent crypto companies, including Celsius and BlockFi. At the time of filing for bankruptcy, Voyager disclosed between $1 billion and $10 billion in debt.

Apart from Voyager, several other cryptocurrency companies, including Celsius and FTX, have incurred significant legal costs due to lengthy bankruptcy proceedings. FTX, for example, was charged over $120 million in financial and legal advisory fees from February 1 to April 30, 2023.

magazine: Huobi suing… Huobi? 3AC rises from the ashes, South Korea’s cryptocurrency epidemic