Voyager Digital Bankruptcy: Creditors Charged $5.1 Million in Legal Fees

Voyager Digital Crypto Services

New York-based law firm McDermott Will & Emery has requested $5.1 million in compensation from the creditors of the bankrupt crypto brokerage firm Voyager Digital. This payment is for legal services provided between March 1 and May 13, 2023, and is based on an hourly rate of $1,026.76. The law firm listed a variety of services, including advice on bankruptcy rules, attending meetings, and preparing necessary documents.

This is the third and final invoice from McDermott Will & Emery, bringing the total compensation to $16.48 million between July 5, 2022, and May 19, 2023. Of this amount, $8.97 million has already been paid by the creditors. Additionally, legal adviser Kirkland & Ellis billed Voyager Digital for $1.1 million in legal fees for the month of April.

Legal Fees Incurred by Crypto Firms

McDermott Will & Emery did not immediately reply to Cointelegraph’s inquiry for remarks.

Voyager Crypto, the crypto lending firm, filed for bankruptcy in July 2022, amidst the crypto lending crisis that caused market contagion and the downfall of other crypto firms such as Celsius, BlockFi, and others. At the time of the bankruptcy filing, Voyager mentioned liabilities ranging from $1 billion to $10 billion.

In addition to Voyager, multiple other crypto companies, which includes Celsius and FTX, have encountered significant legal fees due to the prolonged bankruptcy proceedings. For instance, FTX was charged more than $120 million in financial and legal advisory fees between Feb. 1 and April 30, 2023.