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FTX advisors charge bankrupt crypto exchange $103M in Q1, raising eyebrows

Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports

FTX advisors are set to earn $103 million in Q1 as they guide the cryptocurrency exchange through its bankruptcy proceedings. In March alone, five firms billed FTX a total of $36.4 million, slightly higher than the previous months.

New York-based law firm Sullivan & Cromwell received the highest paycheck, billing $14.1 million in fees and expenses for March and a total of $44.4 million for Q1.

Alvarez & Marsal, FTX’s restructuring advisor, invoiced over $13.8 million in March, while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed FTX $3.19 million and $644,000 respectively.

AlixPartners, which analyzed FTX’s decentralized finance products and tokens, invoiced its largest bill at $4.51 million in March, totaling $10.2 million over the quarter.

Despite the troubled six months, with $7.3 billion in assets recovered, FTX’s legal team is considering a potential reboot of the trading platform as early as April 2024.


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