Celsius is currently burning through a deficit of $1.5m a day. Bankruptcy legal counsel charged them $2.5m for 18 days of work (i.e $5800 per hour). All of this comes from user's funds remaining in the bankruptcy estate

With Celsius now firmly embattled in Chapter 11 proceedings, they are burning a huge amount of cash on the legal proceedings.

Their legal counsel Kirkland & Ellis just presented a bill for $2.5 Million, for just 18 days work.

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This sums up to around $140,000 per day or $5800 per hour!

A list of all the per hour basis invoices of various attorneys is in this file (see page 9 onwards): https://cases.stretto.com/public/x191/11749/PLEADINGS/1174910152280000000012.pdf

And that is just one law firm.

Another law firm Akin Gump Strauss Hauer & Feld LLP has billed them close to $750k for 45 days worth work. (source: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174910152280000000013.pdf)

These apart, there are additional fees paid to more counsels like White & Case, independent investigation teams, blockchain analysts etc.

At present, Celsius is burning through a deficit of $1.5m PER DAY!

Since they are in bankruptcy, all of this comes from user's funds that are now part of the bankruptcy estate. Given current expenses, they could burn as much as $500m in a year, if the proceedings continue. Most high profile bankruptcies can run into expenses of 9 if not 10 figs. And the Celsius one has a long way to go yet, and given the number of clawbacks that are possible, it could run into years.

Together with various cryptos losing their value due to the bear market, it could represent a significant portion of the total bankruptcy estate lost in operational fees and legal fees.

Celsius already had a $2bn hole in their balance sheet, which is only going to get worse with these lawyers cleaning out as much as they can. Bankruptcy proceedings are extremely expensive affairs, and the losers are the Celsius users who have funds tied up in this.