Monat: Dezember 2022

• Cryptocurrency turmoil has created new opportunities for large law firms to earn significant fees from regulatory compliance and representation of distressed crypto businesses.
• Kirkland Ellis is the principal counsel for several high-profile bankruptcy cases, including BlockFi, Celsius Network, and Voyager Digital Ltd, which have generated hefty fees for the firm.
• Bloomberg Law estimates that Kirkland charges up to $1,995 per hour for the services of its associates, making it one of the highest billing rates in the sector.

The turbulent cryptocurrency market has created a lucrative opportunity for law firms. In recent months, the price of crypto assets has dropped, leading to the bankruptcy of several major cryptocurrency exchanges and hedge funds. This has created a new field of law for big law firms, as they can now offer their services to distressed crypto businesses and earn significant fees from regulatory compliance and representation.

Kirkland Ellis is one of the biggest beneficiaries of this new market. The firm is the principal counsel for several high-profile bankruptcy cases, including BlockFi, Celsius Network, and Voyager Digital Ltd. These cases have generated hefty fees for the firm, with Bloomberg Law estimating that the firm charges up to $1,995 per hour for the services of its associates, making it one of the highest billing rates in the sector. In each case, the business may have invoiced an average of $3.3 million in legal fees.

The potential for these types of fees has made cryptocurrency law a lucrative field for big law firms. Georgetown University law professor Adam Levitin commented on the situation, saying, „You’ve got to pay the gravedigger… these are complicated cases with a bunch of novel issues, and it shouldn’t be surprising that they are going to require a lot of attorney involvement.“

It’s clear that cryptocurrency law is a cash cow for big law firms. With the potential to earn millions of dollars in legal fees, the sector is sure to attract more attention in the coming years. As the cryptocurrency market continues to be volatile, law firms will be well-positioned to capitalize on the turmoil and represent clients who are in financial distress.

• A vice president of Vident division of virtual currency exchange Bithumb was found dead at his residence in Seoul, South Korea
• South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation
• Police are treating the death of the major shareholder of Bithumb as a suicide

Today, news reports from Seoul, South Korea have revealed that a vice president of Vident, a division of the virtual currency exchange Bithumb, was found dead at his residence in Dongjak-gu, Seoul. The individual, identified as Mr. Park Mo, was a major shareholder of Bithumb, and the cause of death is currently unknown.

The death of Mr. Park Mo has prompted an investigation by local authorities into the management of Bithumb for alleged fraud and stock price manipulation. According to Money Today, optometric and CCTV analysis at the scene have indicated that there is no other possibility than suicide at this time.

The suspicions of the South Korean investigators have been raised by the Kang siblings, who are accused of amassing illegal gains by manipulating stock prices and selling convertible bonds, as well as establishing slush funds by extorting millions from firms founded under borrowed names. It has been speculated that Park’s decision to take his own life was influenced by the fact that the Kang siblings deflected all responsibility for theft and stock price manipulation to others.

At this time, Bithumb has not released a statement on the matter, and the investigation is ongoing. Further details on the case will be provided as they become available.