In the three months up to October 31, the now-closed cryptocurrency exchange FTX has been spending around $53,000 every hour on legal and advisory fees related to its bankruptcy, as revealed in recent compensation filings.
According to court filings from Dec. 5 to Dec. 16, bankruptcy lawyers accumulated charges of at least $118.1 million from August 1 to October 31, averaging $1.3 million per day or $53,300 per hour over the 92 days.
The highest bill was from the management consulting firm Alvarez and Marshall, which invoiced $35.8 million for its services during the three months.
Sullivan & Cromwell, a worldwide law firm, secured the second position, billing a total of $31.8 million for the services provided. On average, clients were charged $1,230 per hour for the legal services offered.
AlixPartners charged $13.3 million in the period for professional services relating to forensic investigations. Quinn Emanuel Urquhart & Sullivan charged $10.4 million in the same period, while several other billings from smaller advisory firms added up to over $26.8 million.
According to information shared by an anonymous FTX creditor in a December 17 post on X, the total legal fees paid in full since the FTX bankruptcy case started are estimated to be around $350 million.
Also Read: FTX’s Amended Reorganization Plan: A New Valuation Approach for Crypto Claims
