Bankruptcy lawyers for the embattled crypto exchange FTX have submitted a hefty invoice for their work. Meanwhile, creditors are seeking their BTC back from Grayscale.
The phalanx of lawyers working with FTX on its bankruptcy case billed a whopping $38 million for their expenses in January. The epic bill is for a team of hundreds of lawyers, consultants, paralegals, and accountants, according to court documents.
FTX administrators have retained law firm Sullivan & Cromwell as counsel. Furthermore, Quinn Emmanuel Urquhart & Sullivan were retained in addition to Landis Rath & Cobb. The firms were acting as special counsel for the proceedings.
Collectively, the three law firms have more than 180 attorneys assigned to the case and over 50 additional staff.
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According to the court filings, Sullivan & Cromwell billed 14,569 hours of work in January for $16.8 million. Quinn Emanuel Urquhart & Sullivan billed $1.4 million, and Landis Rath & Cobb invoiced $663,995.
In early February, Sullivan & Cromwell submitted a bill for $7.5 million. This was just for the first 19 days of work it carried out after FTX filed for bankruptcy in November.
Financial services firms Alvarez & Marsal and Perella Weinberg Partners were also retained. Their jobs are to wade through FTX accounts and determine which assets can be sold. Alvarez & Marsal billed $12.3 million for the month, the second highest after Sullivan...
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