CryptoNews: According to a court-appointed examiner, the closure of FTX will be 'very expensive by any measure,' given that professional fees have already exceeded $200 million. 🥸
to a court-appointed examiner, the closure of the cryptocurrency exchange FTX will be "very expensive by any measure," given that professional fees have already exceeded $200 million.
By the end of January, lawyers and other professionals had already accrued close to 35,000 billable hours. 2% of the estate's assets and 10% of the reported cash had already been spent, while 46 of the 242 attorneys working on the case were paid more than $2,000 per hour. The largely unregulated financial system in which FTX operates and “nonexistence of even the most basic corporate governance” in the Sam Bankman-Fried led crypto exchange has been cited as a contributing factor to the high costs.
FTX's new CEO John J Ray III has been attempting to settle the exchange's affairs since it collapsed in November, and some of his filings hint at an attempt to reboot operations as FTX 2.0.Related Articles
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