Bankrupt cryptocurrency exchange FTX paid over $100 million in attorneys and other expenses between February 1 and April 30.
According to the data obtained, FTX paid $ 121.8 million. This information was obtained from documents submitted by FTX’s advisors on June 15.
FTX’s 3-Month Costs Over $100 Million
According to the data obtained, the bankrupt cryptocurrency exchange FTX made a payment of $ 121.8 million between February 1 and April 30.
During this period, lawyers at Sullivan & Cromwell billed $37.6 million for the bankrupt FTX exchange, which is the equivalent of 30.9 percent of all fees and expenses. The lowest billing company was investment banking firm Jefferies, accounting for 0.6 percent of total fees and charges.
Alvarez and Marsal, restructuring consultants for FTX, filed a $37 million bill with expenses exceeding $1.1 million. These expenses included $51,225 spent on food, $149,155 on lodging, and $1,995 on other miscellaneous expenses.
In a statement made by Greg Lim, it is stated that restructuring advisors are “super senior” in the unsecured losses category, which includes customer deposits and ranks above other receivables. Therefore, compensations and claims given to consultants are primarily placed on other receivables.
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