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Between August and October, the bankrupt crypto exchange FTX Exchange, paid over 118 million dollars for legal and consulting services. This amount represents an expenditure of 1.3 million dollars a day, or 53,300 dollars an hour. For the three-month period to 31 October, the liquidated crypto exchange FTX’s bankruptcy lawyers and advisers revealed these figures for compensation claims.
According to court files, between 5 December and 16 December, bankruptcy lawyers demanded a total of at least 118.1 million dollars. During this time, the largest part of the billed services, at 35.8 million dollars, was made up by the Alvarez and Marshall management consulting firm. In second place was the global law firm Sullivan & Cromwell, with a claim of 31.8 million dollars. Sullivan & Cromwell’s hourly fee was an average of 1,230 dollars.
The global consulting firm AlixPartners claimed 13.3 million dollars for professional services related to forensic investigations during this period. Other significant players include firms like Quinn Emanuel Urquhart and Sullivan. In total, the sum of bills from smaller consulting firms exceeded 26.8 million dollars.
According to information shared by the creditor of FTX, the total amount of legal fees paid since the start of the bankruptcy case has reached approximately 350 million dollars.
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