Originally posted here.
By: Stephan Fiedler
The bankruptcy of the November 2022 crypto exchange FTX is probably only a profitable business for lawyers and consultants. Around 30 million US dollars they […]
The bankruptcy of the November 2022 crypto exchange FTX is probably only a profitable business for lawyers and consultants. Around 30 million US dollars they charged for their services in February and an end to their work not in sight.
Around 10 billion US dollars of customer funds are affected by the insolvency of the crypto exchange FTX and when there might be at least partial compensation remains in the stars. But the lawyers, accountants and advisors handling FTX are billing regularly. The documents sent to the court for this purpose show: In January, costs for organizational handling of FTX added up to about 38 million US dollars, and in February – the shortest month of the year – it was 30 million US dollars.
Man-hours account for the largest item. Top lawyers at the law firm Sullivan & Cromwell, for example, take $2,165 per hour. Receiver John Ray has claimed nearly 240 hours of work in the FTX case for February, charging $308,000, which works out to an hourly wage of just under $1,300. The enormous costs are justified with reference to “one of the most complicated cases (…) in all aspects of the law.” Currently, two law firms, two consulting firms, an accounting firm and the team of receiver Ray are busy with the remains of FTX.
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