FTX is losing $1.3 million a day on bankruptcy fees
The failed crypto exchange was billed at least $118 million in bankruptcy fees in the three months ending October 31.
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- FTX is being charged around $1.3 million a day on bankruptcy fees, court documents show.
- The failed crypto exchange was billed at least $118 million in the three months ending October 31.
- That attests to the hefty expenses FTX has accrued since filing for bankruptcy last year.
FTX, the failed crypto exchange wrested away from Sam Bankman-Fried last year, has been billed over a million dollars a day on its bankruptcy, according to recent court filings.
The exchange, which collapsed in late 2022, was charged at least $118.1 million by bankruptcy lawyers and advisers in the three months ending October 31, according to court filings cited by Cointelegraph.
Over a period of 92 days, that suggests FTX is on the hook for $1.3 million a day, or $53,000 an hour, in bankruptcy costs.
The largest bill over the three-month period came from the consulting firm Alvarez & Marsal, which charged nearly $36 million for 193 professionals to work on the case, according to Cointelegraph.
The second-highest bill came from the law firm Sullivan & Cromwell, which charged $31.8 million for the work of 249 professionals over the billing period.
AlixPartners and Quinn Emanuel Urquhart & Sullivan, which have also advised FTX through its bankruptcy proceedings, charged $13.3 million and $10.5 million, respectively, over the three months.
The latest filings attest to the hefty expenses FTX has racked up since collapsing last year, after having recruited an army of professionals to guide it through its Chapter 11 bankruptcy and restructuring.
FTX's collapse late last year sparked an $8 billion crypto run and eventually resulted in former CEO Sam Bankman-Fried going behind bars.
A jury recently found Bankman-Fried guilty of seven counts of fraud and conspiracy in his dealings with the crypto exchange. He faces up to 110 years in prison, with a sentencing currently scheduled for March of next year.
Representatives for FTX didn't immediately respond to Busines Insider's request for comment.