FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day


Creditors are lamenting the rapid drain of cash from the global exchange’s bankruptcy as the process stretches over more months.

The dismantling of FTX is piling up as much as $1.5 million a day in bills as lawyers and other professionals pick through the ashes of the global exchange.

“They've now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time,” said Kris Hansen, a lawyer from Paul Hastings representing the creditors’ committee. “Every dollar spent in the case is essentially a dollar that creditors don't receive.”

It will turn out the same as with MtGox: regular users get nothing.

Please be careful … not to end up like these users …

1 thought on “FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day”

Comments are closed.