FTX loses $53K every hour on 'bankruptcy fees' — latest filings show - DeviceFile

FTX loses $53K every hour on ‘bankruptcy fees’ — latest filings show

More than $118 million in legal and advisory fees were billed to the bankrupt crypto

exchange between August and October or $1.3 million per day.

Crypto exchange FTX has been burning through approximately $53,000 every hour over the three

months ending Oct. 31 — just on bankruptcy lawyers and advisers, the latest round of compensation filings show.

Court filings from Dec. 5 to Dec. 16 have shown that the bankruptcy lawyers have charged an

accumulated total of at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this equates to $1.3 million per day or $53,300 per hour.

The largest bill came from the management consulting firm Alvarez and Marshall,

which charged $35.8 million for its services for the three months.

Coming in second place was global law firm Sullivan and Cromwell, which charged $31.8 million for

its services. The hourly rate for Sullivan’s and Cromwell’s services averaged $1,230 per hour.

Global consulting firm AlixPartners charged $13.3 million in the period for professional services

relating to forensic investigations. Quinn Emanuel Urquhart & Sullivan charged $10.4 million in the same

period, while several other billings from smaller advisory firms added up to over $26.8 million.

Figures shared by a pseudonymous FTX creditor in a Dec. 17 post to X (formerly Twitter) suggest the

total legal fees that have been fully paid since the FTX bankruptcy case began is approximately $350 million.