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Celsius Incurs Over $3 Million In Legal Fees

The Celsius Network has been making a lot of headlines, and this trend continues. Check out the latest reports about the crypto lender below.

Celsius Network in the news

Embattled crypto lender Celsius has incurred more than $3 million in legal fees as it moves through Chapter 11 bankruptcy proceedings.

The Block online publication notes that between July 13 and July 31, law firm Kirkland and Ellis charged the crypto lender almost $2.6 million in fees as it represented Celsius in Chapter 11 proceedings, according to a document filed on Friday.

“Another legal representative, Akin Gump, charged almost $750,000 for its services between July 13 and August 31, according to a similar filing. So far, Celsius has incurred legal fees totaling more than $3 million,” according to the same reports.

We suggest that you check out the original article in order to learn more details about all this.

Celsius revival plan revealed

The CEO of Celsius Network has just addressed a new project that may help rebuild the bankrupt crypto lending platform.

According to a new report from The New York Times, Alex Mashinsky has just presented the “audacious plan” called Kelvin. This is set to revive Celsius a few months after the troubled firm filed for bankruptcy. This happened back in July.

Mashinsky and Celsius head of innovation and chief compliance officer Oren Blonstein reportedly want to rebuild the company which will reportedly have a focus on custody.

According to official reports, if project Kelvin manages to push through, Celsius will be offering services to store people’s crypto assets on their behalf. The company may then charge fees for certain types of transactions.

It’s also important to note the fact that the CEO of the troubled firm addressed skeptical questions from employees.

Mashinsky cited the ways in which other famous companies such as Pepsi made a successful comeback after they went bankrupt.

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