New pay documentation has unveiled that the now-defunct <a href="https://optimisus.com/news/crypto-news/ftx-crypto-exchange-claims-irs-24-billion-tax-bill-could-wipe-out-recovery-for-victims/" rel="noopener noreferrer nofollow">crypto exchange FTX</a> spent a staggering $53,000 per hour on bankruptcy attorneys and advisors during the three months ending October 31.  
According to court documents filed between December 5th and 16th, bankruptcy attorneys charged a minimum of $118.1 million from August 1st to October 31st. This amounts to a total of $1.3 million for all 92 days, translating to an astonishing $53,300 an hour.  
Among the notable expenses, management consulting company Alvarez and Marshall took the lead, accumulating $35.8 million over the specified time frame.  
Sullivan &amp; Cromwell, an international law firm, secured the second position with fees amounting to $31.8 million. Sullivan &amp; Cromwell's services came at an average hourly charge of $1,230.  
Additionally, global consulting company AlixPartners charged $13.3 million for professional services related to forensic investigations throughout the year.  
Several smaller advising firms also contributed to the expenses, with billings surpassing $26.8 million, out of which Quinn Emanuel Urquhart &amp; Sullivan accounted for $10.4 million.  
Discrepancies were reported in the billings submitted by larger advising firms, including Sullivan &amp; Cromwell and Alvarez &amp; Marshall, for the period between May 1 and June 31.  
A report issued on December 5 by court-appointed fee examiner Katherine Stadler pointed out "significant areas of concern" with these billings.  
Concerns included apparent top-heavy staffing, excessive meeting attendance, fees for non-working travel time, and various technical and procedural deficiencies in time entries.  
The total amount spent on legal expenses since the initiation of the bankruptcy lawsuit against FTX has surpassed $350 million, as reported by an anonymous <a href="https://optimisus.com/news/crypto-news/nearly-23-59-million-was-transferred-across-19-different-tokens-via-the-ftx-affiliated-wallets/" rel="noopener noreferrer nofollow">FTX</a> creditor in a Twitter post on December 17th.  
The excessive spending on bankruptcy advisors raises eyebrows and sparks concerns about the management of resources during FTX's bankruptcy proceedings. 
The post <a href="https://optimisus.com/news/crypto-news/crypto-exchange-ftx-spent-53000-per-hour-on-bankruptcy-attorneys/" rel="noopener noreferrer nofollow">Crypto exchange FTX spent $53,000 per hour on bankruptcy attorneys</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Crypto exchange FTX spent $53,000 per hour on bankruptcy attorneys

Optimisus

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