FTX, a bankrupt digital asset exchange, has been paying enormous amounts in legal fees, causing concern among creditors who are trying to recover their losses. According to court filings, the exchange has been billed over $118 million for professional legal fees between August and October. These fees amount to about $53,000 per hour and over $1.3 million per day on average. Other professionals, such as accountants, also have fees billed to the company during the bankruptcy proceedings. The fees charged by firms involved in the proceedings have caused mixed reactions within the crypto community. Sullivan and Cromwell charged $31.8 million, Alvarez and Marshall charged $35.8 million, Quinn Emanuel charged $10.4 million, and AlixPartners' bill totaled $13.3 million. This comes after FTX collapsed in November 2022, leading to significant investor losses and regulatory scrutiny. The implosion of several digital asset firms has resulted in total fees of $700 million and counting for lawyers, accountants, and other professionals. FTX remains at the top in terms of expenses, with over $326 million owed. Creditors and victims of the collapse criticize the excessive and unnecessary fees, arguing that they are detrimental to those who have lost their savings.
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