Since 2022, specialists have earned more than $700 million from the bankruptcy of five large cryptocurrency companies, including the FTX crypto exchange, The New York Times reports, citing an analysis of court records.
The journalists calculated the amounts of fees that were charged in the most notable insolvency cases of bitcoin firms in favor of lawyers, accountants, consultants and other professionals. Among the biggest winners in the five cases are two law firms.
One of them, Sullivan & Cromwell, managing the FTX bankruptcy, claimed over $110 million in legal fees and reported over $500,000 in expenses.
The second company, Kirkland & Ellis, issued an invoice for $101 million for supporting three cryptocurrency bankruptcies. At the same time, its expenses amounted to $ 2.5 million.
The publication predicted that the total amount of fees will increase significantly as cases are considered in the coming months.
Recall that in July, Kirkland & Ellis billed the official committee of creditors of the bankrupt crypto broker Voyager Digital for $ 28.46 million for three months of work.
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