{"id":16568,"date":"2024-08-30T19:14:22","date_gmt":"2024-08-30T16:14:22","guid":{"rendered":"https:\/\/forklog.com\/en\/legal-firms-reap-over-750-million-from-crypto-bankruptcies\/"},"modified":"2024-08-30T19:14:22","modified_gmt":"2024-08-30T16:14:22","slug":"legal-firms-reap-over-750-million-from-crypto-bankruptcies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/legal-firms-reap-over-750-million-from-crypto-bankruptcies\/","title":{"rendered":"Legal Firms Reap Over $750 Million from Crypto Bankruptcies"},"content":{"rendered":"<p>Twenty-two law firms engaged in seven cryptocurrency company bankruptcies under Chapter 11 of the U.S. Code have requested or received fees totaling $751 million, according to <a href=\"https:\/\/news.bloomberglaw.com\/business-and-practice\/crypto-winter-shines-on-big-law-to-tune-of-750-million-in-fees\">Bloomberg Law<\/a>.<\/p>\n<p>Journalists analyzed court documents and reported figures as of mid-August. Leading the pack were Sullivan &#038; Cromwell, Kirkland and Ellis, White &#038; Case, and Cleary Gottlieb, which accounted for $484 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcwWC2ValbEbVpptXtvjEAtisRpqqOftCzpUwNFdNYyqMICU8p9bx_RHd4p8KrbTTetAjBpIvlqbvDsiXYhn7w4WbGmgsIMqweYumg-KcTzAv434KvPcMUlfLj4UUd3713fyimSxj60KOM7CWNV3djkikxy?key=YoE0fmrkmNq5zZLrJDkDnA\" alt=\"Legal Firms Reap Over $750 Million from Crypto Bankruptcies\"\/><figcaption class=\"wp-element-caption\">Source: Bloomberg Law.<\/figcaption><\/figure>\n<p>FTX&#8217;s bankruptcy manager, Sullivan &#038; Cromwell, earned $215 million. Kirkland &#038; Ellis billed the second-largest amount at $120 million, with clients including Voyager, BlockFi, and Celsius. The latter brought the firm its highest profit of over $75 million.<\/p>\n<p>White &#038; Case earned around $75 million working with Celsius creditors and assisting in the investigation of the platform&#8217;s former CEO, Alex Mashinsky.<\/p>\n<p>Cleary Gottlieb requested nearly $73 million. The firm is the lead advisor for Genesis.<\/p>\n<p>Bloomberg forecasts that all bankruptcies will conclude by the end of the year.<\/p>\n<p>Earlier, FTX announced overwhelming creditor support for the updated exchange reorganization plan. The previous proposal faced <a href=\"https:\/\/forklog.com\/en\/news\/ftx-creditors-criticise-new-compensation-plan\">criticism<\/a>.<\/p>\n<p>Back in August, the administrator of Celsius&#8217;s bankruptcy proceedings distributed $2.5 billion among 251,000 former clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Twenty-two law firms engaged in seven cryptocurrency company bankruptcies under Chapter 11 of the U.S. Code have requested or received fees totaling $751 million, according to Bloomberg Law. Journalists analyzed court documents and reported figures as of mid-August. Leading the pack were Sullivan &#038; Cromwell, Kirkland and Ellis, White &#038; Case, and Cleary Gottlieb, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1348,1162,1236,1375],"class_list":["post-16568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-celsius-network","tag-court-cases","tag-ftx","tag-lawyers"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16568"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16568\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16567"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}