FTX's bankruptcy fees cause $1.3 million daily loss

FTX, the failed crypto exchange that was taken over last year, has been hit with hefty bankruptcy fees, according to court documents. Over a period of three months ending on October 31, FTX was charged at least $118.1 million by bankruptcy lawyers and advisers, amounting to around $1.3 million per day.

The consulting firm Alvarez & Marsal had the largest bill, charging nearly $36 million, followed by the law firm Sullivan & Cromwell, which charged $31.8 million. AlixPartners and Quinn Emanuel Urquhart & Sullivan also billed FTX $13.3 million and $10.5 million, respectively. These significant expenses highlight the costs that FTX has incurred since its collapse in late 2022.

FTX's bankruptcy had a major impact on the crypto market, triggering an $8 billion run and ultimately leading to the imprisonment of former CEO Sam Bankman-Fried. Bankman-Fried was recently found guilty of seven counts of fraud and conspiracy in relation to his dealings with the exchange. He could face up to 110 years in prison, with his sentencing set for March of next year.


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