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<h2 id="header-0">The legal and consulting firms involved in cryptocurrency exchange FTX’s bankruptcy proceedings are set to receive a whopping $103 million in fees and expenses over the first quarter of this year.</h2>This comes as court filings between April 28 and May 2 revealed that five firms, including Sullivan &amp; Cromwell, Alvarez &amp; Marshal, AlixPartners, Quinn Emmanuel Urquhart &amp; Sullivan and Landis Rath &amp; Cobb, billed FTX a total of <a href="https://www.coingabbar.com/en/crypto-currency-news/ftx-might-have-to-create-a-new-crypto-to-pay-its-legal-fees" rel="noopener noreferrer nofollow">$36.4 million in March </a>alone. The figures for January and February were also high, at $34.2 million and $32.5 million respectively.Sullivan &amp; Cromwell topped the list with the largest paycheck of $14.1 million in fees and expenses for March alone, adding to a total of $44.4 million for the first quarter. Partners at the firm received $2,165 per hour, while paralegals and legal analysts received $425 and $595 per hour, respectively.Alvarez &amp; Marsal came in next, billing over $13.8 million in March for its financial analysis and accounting procedures. It was the firm’s third successive billing of over $10 million since it was appointed as FTX’s restructuring advisor when the exchange filed for bankruptcy in November 2020. Quinn Emmanuel Urquhart &amp; Sullivan and Landis Rath &amp; Cobb billed FTX $3.19 million and $644,000 in March, respectively, for respective totals of $7.3 million and $1.9 million over the first quarter.The FTX case has involved a team of over 180 lawyers from Sullivan &amp; Cromwell, Quinn Emmanuel Urquhart &amp; Sullivan, and Landis Rath &amp; Cobb. In March, AlixPartners analyzed decentralized finance products and tokens in FTX&#39;s possession, resulting in their largest invoice of $4.51 million. The firm&#39;s total billing for the quarter amounted to $10.2 million.Despite its six months of severe financial troubles, <a href="https://coingabbar.com/en/crypto-currency-news/kevin-oleary-shades-taylor-swift-over-ftx-deal" rel="noopener noreferrer nofollow">FTX</a> has not given up yet. The exchange has recovered $7.3 billion in assets, and its legal team is looking to potentially reboot the trading platform as early as April 2024.

FTX Advisors Bill Bankrupt Firm $103M in Q1

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Andre artikler udgivet 4. maj 2023

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