Lawyers and consultants billed the crypto exchange approximately $20.3 million in November and December.
FTX racked up millions in legal and consulting bills in the first months of its bankruptcy case, court filings show.
The initial bills highlight how expensive the wind-down of the global crypto giant could be, and could diminish the amount of return creditors will see from the bankruptcy. According to FTX's new leadership, the exchange and other entities put into Chapter 11 bankruptcy in the U.S. held approximately $1.4 billion as of Dec. 31, most of it with investment fund Alameda Research and holding company West Realm Shires.
“The services performed by S&C during the fee period represent one of the most complicated, multi-disciplinary exercises by any law firm in any area of law,” Sullivan & Cromwell noted in its court filing. Meanwhile, law firm Quinn Emanuel Urquhart & Sullivan billed FTX $1.5 million for 1,111 hours from Nov. 11 to Dec. 31. Another law firm, Landis Rath & Cobb, billed FTX $1.2 million for 1,919 hours of work during the same period. Consulting firm AlixPartners said FTX’s bill for the period from Nov. 28 to Dec. 31 was $1.1 million for 1,340 hours of work.
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