Odaily Planet Daily News According to an analysis of court records by The New York Times, after the encryption companies FTX, Voyager Digital, Genesis Global, Celsius Network, and BlockFi went bankrupt, professionals such as law firms, accountants, consultants, and analysts earned a lot of money. More than $700 million in expenses. That number is likely to grow significantly as cases unfold in the coming months.
Analysts combed through more than 5,000 court records and found that in the past year, two major law firms, Sullivan & Cromwell (which is handling FTX's bankruptcy case) and Kirkland & Ellis (which is handling three crypto company bankruptcy cases) respectively Earned fees of $110 million and $101 million; the firms also collected additional expenses of $500,000 and $2.5 million, respectively.
More than 50 other professionals have also profited, including specialist start-ups analyzing crypto transactions, as well as accountants, consultants and investment bankers, among others.