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

Crypto lender Celsius Network’s lawyer and advisor fees amid its bankruptcy proceedings are projected to scope $144 million, triggering responses from members of the crypto community. 

In a March 21 tweet, bundle developer Cam Crews shared a spreadsheet compiling the reported fees and projected fees that the bankrupt crypto lender needs to pay. According to the data, astir $102 cardinal has been filed truthful far. The developer besides pointed retired that immoderate months were missing and estimated that determination are astir $42 cardinal successful fees to beryllium paid and filed eventually.

Congratulations to Celsius lawyers and advisors who are connected way to person present passed $140M successful fees, astatine the disbursal of victims near down by @Mashinsky's despicable $3B fraud. pic.twitter.com/PwYJ8JLwKO

The tweet garnered responses from assorted members of the crypto community, with immoderate adjacent comparing the concern with Celsius to the existent Silicon Valley Bank (SVB) contented and immoderate suggesting that creditors commencement a instrumentality steadfast themselves. 

A crypto assemblage subordinate expressed their vexation by comparing the Celsius concern to the SVB collapse. According to the Twitter user, they were lied to by Celsius laminitis Alex Mashinsky, past justness told them that they were astatine fault. Meanwhile, the assemblage subordinate believes that affluent task superior depositors astatine SVB had their wealth covered adjacent though they weren't insured.

Meanwhile, different assemblage subordinate believes that the lawyers should beryllium compelled to supply "proof of work," asking if determination are organizations to audit them successful the United States.

Related: Coinbase, Celsius and Paxos disclose funds successful Signature Bank

Because of the ample amounts of fees being fixed to lawyers, 1 assemblage subordinate sarcastically suggested that creditors making their ain instrumentality steadfast whitethorn beryllium a mode to marque them whole. According to the Twitter user, they could beryllium the ones charging $2,000 until they are paid what they are owed.

So the lawyers get millions but I wonderment what america tiny fry folks get?

On Dec. 29, assemblage members expressed akin sentiments arsenic Celsius expressed its intent to widen the deadline for claims. Some believed that it was lone a delaying maneuver portion others took a jab astatine the lawyer fees and compared what "small folks" would get.