FTX Bankruptcy Fees Surpassed $200 Million | CoinMarketCap

to a court-appointed examiner, the closure of the cryptocurrency exchange FTX will be "very expensive by any measure," given that professional fees have already exceeded $200 million.

By the end of January, lawyers and other professionals had already accrued close to 35,000 billable hours. 2% of the estate's assets and 10% of the reported cash had already been spent, while 46 of the 242 attorneys working on the case were paid more than $2,000 per hour. The largely unregulated financial system in which FTX operates and “nonexistence of even the most basic corporate governance” in the Sam Bankman-Fried led crypto exchange has been cited as a contributing factor to the high costs.

FTX's new CEO John J Ray III has been attempting to settle the exchange's affairs since it collapsed in November, and some of his filings hint at an attempt to reboot operations as FTX 2.0.Related Articles

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FTX’s Bankruptcy Fees Already Topped $200M, Court Examiner SaysThe bankruptcy of FTX could be 'very expensive' with $200 million in professional fees already requested, the court-appointed examiner said. By jackschickler.
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FTX bankruptcy will be ‘very expensive’ but there’s a reason: AuditorMore than $200 million in legal fees have been charged by the law firms in charge of restructuring FTX_Official post-bankruptcy and a court-appointed examiner says the case could be “very expensive.” FTX_Official On June 20 the court-appointed fee examiner, Katherine Stadler, filed a 47-page report on the fees charged by the law firms in the roughly three months following FTX’s Nov. 11 bankruptcy and concluded they were not “wholly unreasonable in the moment.”
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