Specialists have earned a total of over $700 million from the bankruptcy proceedings of five large cryptocurrency firms, which includes the FTX crypto exchange, according to an analysis of the court records by The New York Times.
At the top of the list were two law firms, Sullivan & Cromwell, appointed as FTX’s bankruptcy trustee, and Kirkland & Ellis.
The first firm charged a fee of over $110 million, with additional expenses of approximately $500,000, while the latter called a fee of $101 million for supporting the three cryptocurrency bankruptcies, combined with expenses of $2.5 million.
The publication states that its estimate is expected to dramatically escalate as the months pass and more cases are litigated.
Kirkland & Ellis recently sent an invoice for the late June to three months of work on behalf of the creditors of the bankrupted Voyager Digital crypto broker for $28.46 million.
