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FTX Bankruptcy: $20.3 Million Spent on Legal Fees

FTX, the cryptocurrency exchange headed by Sam Bankman-Fried, was a major player in the crypto world before filing for bankruptcy. John J. Ray III was named as the new CEO after SBF stepped down to stabilize the company.

Sam Bankman-Fried
Sam Bankman-Fried

Despite bankruptcy proceedings, FTX still had to pay for legal services, including consultants and lawyers. The Bankruptcy Court for the District of Delaware revealed that FTX paid $20.3 million in legal fees during the early stages of bankruptcy.

The largest bill was from Sullivan & Cromwell, who charged $9.5 million for their 6,561 hours of work, which they describe as one of the "most complicated, multi-disciplinary exercises by any law firm in any area of law." Other large bills were from Alvarez & Marsal ($6.3 million) and Quinn Emanuel Urquhart & Sullivan ($1.5 million).