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.