Lawyers Cash In as FTX Bankruptcy Unfolds – BitRss

The ongoing FTX ($0.00) bankruptcy case in the United States has reportedly incurred fees nearing $1 billion. The lawsuit runs parallel to the customer reimbursement process and aims to monitor the digital assets and cash flows involved.

FTX Legal Expenses

According to Bloomberg, attorneys have billed approximately $948 million as of January 2. Court records indicate that fees exceeding $952 million have been approved. Leading law firm Sullivan & Cromwell LLP has reportedly received around $248.6 million, while financial advisor Alvarez and Marsal’s fees have approached $306 million.

FTX Litigation Process

Consultants representing customers have claimed fees of about $110.3 million. John Ray’s consulting firm, overseeing the proceedings after FTX’s collapse, has been compensated more than $8 million. Legal experts continue to track various accounts and assets belonging to FTX as part of the case.

The bankruptcy case continues while also addressing other related lawsuits, with a reimbursement process initiated on February 18 aimed at more effectively monitoring the assets in the estate.

Despite the enormous fees, experts emphasize that t…