Since 2022, specialists have earned more than $700 million from the bankruptcies of five major cryptocurrency companies, including the cryptocurrency exchange FTX. The New York Times reports, citing an analysis of court filings.
Journalists tallied the fee amounts charged in the most high-profile insolvency cases involving Bitcoin firms for lawyers, accountants, consultants and other professionals. Among the biggest winners across the five cases were two law firms.
Sullivan & Cromwell, the bankruptcy of FTX, billed more than $110 million in court costs and reported expenses of more than $500,000.
The second firm is Kirkland & Ellis — billed $101 million for handling three cryptocurrency bankruptcies. Its expenses totaled $2.5 million.
The publication forecast that the total amount of fees will rise substantially as the cases proceed in the coming months.
Earlier in July, Kirkland & Ellis billed Voyager Digital’s official creditors committee $28.46 million for three months of work.