In January, FTX Bankruptcy Special Counsel and advisers charged a bill of $38 million.

Court records reveal that the professionals working on the FTX bankruptcy case charged a combined $38 million, plus expenses, for January. The bankruptcy admini

By Inside Crypto archive7 Mar 2023, 9:21 pm

In January, FTX Bankruptcy Special Counsel and advisers charged a bill of $38 million. — Image preserved from the Inside Crypto archive

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Court records reveal that the professionals working on the FTX bankruptcy case charged a combined $38 million, plus expenses, for January. The bankruptcy administrators retained law firm Sullivan & Cromwell, along with special counsel Quinn Emanuel Urquhart & Sullivan and Landis Rath & Cobb, while AlixPartners was brought in to conduct forensic analysis on DeFi products and tokens in FTX’s possession. Financial services firms Alvarez & Marsal and Perella Weinberg Partners were hired to sort through FTX’s accounting records and determine which assets can be sold.

The three law firms collectively have over 180 lawyers and 50 non-lawyer staff, with Sullivan & Cromwell billing the highest amount of $16.8 million. The investment bank Perella Weinberg Partners was billed $450,000, while Alvarez & Marsal billed $12.3 million, with the second-largest charge for the month after Sullivan & Cromwell.

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