FTX incurs over $120m in advisor fees as bankruptcy costs mount
FTX, the bankrupt crypto exchange, faces significant legal and advisory costs , with filings revealing that fees and expenses between February 1 and April 30 amounted to $121.8 million. The data, compiled by The Block Research, shows that FTX’s lawyers at Sullivan & Cromwell billed the exchange $37.6 million during that period, representing 30.9% of the total fees and expenses. Restructuring consultants at Alvarez and Marsel charged $37 million, while investment banking firm Jefferies billed the lowest amount at 0.6% of the total fees and expenses. The expenses include various items such as meals, lodging, and miscellaneous expenses. You might also like: FTX’s Bankman-Fried challenges law firm’s role in prosecution The claims and compensation of the restructuring advisors hold a “super senior” position, meaning they are prioritized over other claims, including customer deposits, according to The Block Research. This mounting cost of FTX’s bankru...