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Crypto Daily Recap: Legal Battles, Ultimatums, and New ETF Ventures

Explore today's critical crypto events, from pricey legal affairs to bold ultimatums and major ETF developments.

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Bankrupt cryptocurrency brokerage firm Voyager Digital is at the center of some costly legal proceedings. The New York-based law firm, McDermott Will & Emery, has billed Voyager's creditors a whopping $5.1 million for legal services provided from March 1 to May 13, 2023. The court documents unveiled an astounding hourly rate of $1,026.76 charged to Voyager Digital during this time. With this latest bill, McDermott Will & Emery's total compensation amounts to $16.48 million for services rendered between July 5, 2022, and May 19, 2023. Over half of this sum, $8.97 million, has already been settled by the creditors.

Winklevoss Issues Firm Ultimatum to DCG’s Barry Silbert

Gemini co-founder Cameron Winklevoss is turning up the heat on Digital Currency Group and its CEO, Barry Silbert. In his second public letter to Silbert this year, Winklevoss accused the DCG chief of deliberately slowing down the resolution process for Gemini's 232,000 Earn users. He alleges that Silbert has been "abusing" the mediation process ever since the collapse of Genesis earlier this year, leaving about $1.2 billion in crypto still due to Gemini's Earn users. Having had enough, Winklevoss has laid down an ultimatum for Silbert - accept his firm’s "best and final offer" by 4 pm ET on July 6, or face a lawsuit come July 7.

BlackRock Bounces Back with Spot Bitcoin ETF Refiling

BlackRock isn't backing down after its initial Bitcoin ETF filing hit a stumbling block. The company has refiled its spot Bitcoin ETF application, revealing Coinbase as its 'surveillance-sharing' partner. The move follows a tumultuous week for prospective ETF filers when the United States Securities and Exchange Commission halted ETF applications from BlackRock, Ark, Valkyrie, WisdomTree, and Invesco, among others, citing improper paperwork. This roadblock sparked a wave of refiling activity across the board.