Read

/send

Billion

<div class="protos">
 <div>
  <div>
   <div>
    <p>Collapsed <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> exchange <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> apparently owes more to lawyers handling its bankruptcy proceedings than it does to its <a rel="noopener noreferrer nofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a>. This is according to a flurry of recent compensation filings.</p>
    <p>Filings dating from December 5 to December 16 appear to show that FTX has been billed around $1.45 billion by legal experts so far. This has now outstripped the just over $1.42 billion owed to out-of-pocket customers.</p>
    <p>The filings also show that FTX has paid lawyers a total of $350 million since bankruptcy proceedings began earlier this year and that from August to October, it shelled out somewhere in the region of $1.4 million per day. That’s $118 million in total or, as calculated by Cointelegraph, $53,000 every hour.</p>
    <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
     <div class="wp-block-embed__wrapper">
      <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
       <p lang="en" dir="ltr">Latest numbers from the FTX bankruptcy are interesting:<br><br>Customer shortfall: $1.422 Billion<br>Bankruptcy fees: $1.45 Billion pic.twitter.com/FhCtFPeQ3z</p>— Jameson Lopp (@lopp) December 17, 2023
      </blockquote>
     </div>
    </figure>
    <p><em>Read more: FTX execs want slice of insurance pot to pay attorneys</em></p>
    <p>These massive fees have been charged by a raft of <a rel="noopener noreferrer nofollow" title="Legal" href="https://thebittimes.com/tag/legal.html">Legal</a> firms, including Alvarez and Marsal LLC, which <strong>billed nearly $36 million</strong>, Sullivan &amp; Cromwell LLP, which billed nearly $32 million, and Alixpartners LLP, which has charged <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> just over $13 million.</p>
    <h2 class="wp-block-heading" id="h-fees-charged-to-ftx-have-been-concerning">Fees charged to FTX have been ‘concerning’</h2>
    <p>It has also been claimed that there are “<strong>significant areas of concern</strong>” surrounding the fees being charged by the firms handling the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> bankruptcy.</p>
    <p>According to a report from December 5, a court-appointed fee examiner, billing from Alvarez and Marsal showed “apparently top-heavy staffing, apparently excessive meeting attendance, fees related to non-working travel time, and various technical and procedural deficiencies with respect to some time entries (including vague and lumped entries).”</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-owes-more-in-legal-fees-than-it-does-to-creditors-tbt74031.html">https://thebittimes.com/ftx-owes-more-in-legal-fees-than-it-does-to-creditors-tbt74031.html</a></p>

FTX owes more in legal fees than it does to creditors

Tabla de contenidos

TheBitTimes

Otros artículos publicados el 18 dic 2023

From GDP to Bitcoin: Connecting the Dots in This Week’s Economic Calendar

Changelly Releases Updated Predictions For XRP Price, When Will It Cross $10?

Arthur Hayes backs BONK over SHIB

Ethereum Technical Analysis and Market Predictions

Bitcoin’s price slips below $41,000 amid market cooling

Why AI Needs Benchmark for Mental Health Apps

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!