CryptoMediaClub
Sunday, June 15, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

Crypto collapses generate hundreds of millions of dollars for lawyers

05.09.2023
A A
0
127
VIEWS
ShareShare

The legal industry has emerged as a major winner amid cryptocurrency collapses like FTX and Celsius, generating hundreds of millions of dollars for lawyers.

Lawyers, accountants, consultants, analysts and other professionals have collected at least $700 million in fees from the bankruptcies of major crypto firms over the past year, according to a report and an analysis by The New York Times.

The calculated amount includes the costs charged as part of the crypto bankruptcy cases of five crypto firms — FTX, Celsius Network, Voyager Digital, BlockFi and Genesis Global — between July 5, 2022, and July 31, 2023. The figure is likely to grow significantly as the cases unfold in the near future, with Sam Bankman Fried’s trial coming in October.

The fees charged in crypto bankruptcy cases. Source: The New York Times

According to the data, the legal experts involved in the FTX case are the biggest winners of cryptocurrency bankruptcies, charging a total of $326 million. The law firm Sullivan & Cromwell, which is managing FTX’s bankruptcy, has reportedly charged over $110 million in legal fees, in addition to $500,000 in expenses.

Andrew Dietderich reportedly noted that the costs are particularly driven by the lack of clear cryptocurrency regulations, which made the cases more complex and time-consuming.

Kirkland & Ellis, which handles Celsius, Genesis and Voyager bankruptcies, has billed $101 million for its work, with $2.5 million in expenses, The New York Times analysts said. Alvarez & Marsal, a turnaround management firm, has reportedly charged more than $125 million for its work on FTX, Celsius and Genesis.

Related: SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers

Some of the initial reports indicating that firms such as Sullivan & Cromwell would reap a fortune from their crypto bankruptcy work surfaced in January 2023. The firm reportedly had more than 150 people working on the FTX case at the time, including 30 partners with rates exceeding $2,000 per hour.

Amid concerns over high legal fees, the United States bankruptcy court appointed Katherine Stadler as fee examiner for the FTX case. In June, Stadler reported that the team working on FTX had requested more than $200 million in fees since the November bankruptcy, stating that the fees were reasonable.

Sam “SBF” Bankman-Fried’s legal team is continuing to fight against the United States Department of Justice, asking the court on Sept. 1 to deny all recent requests by the authority. As previously reported by Cointelegraph, one of the DOJ’s requests included an appeal to ban all of SBF’s seven expert witnesses from testifying in court. Some of the witnesses could cost SBF up to $1,200 per hour to testify.

Magazine: Asia Express: Bitcoin miner gets life in prison, China offers bounties for crypto firms

Share10Tweet6ShareSharePin2

Related Posts

Crypto Fear and Greed Index Hits 63: Navigating the Greed Zone
Bitcoin

Crypto Fear and Greed Index Hits 63: Navigating the Greed Zone

14.06.2025
0

BitcoinWorldCrypto Fear and Greed Index Hits 63: Navigating the Greed Zone The cryptocurrency market is a dynamic environment, often driven...

Read moreDetails
US Spot Bitcoin ETF Inflows Surge: Funds Record Fifth Consecutive Day of Strong Net Inflows Totalling $301.7M

US Spot Bitcoin ETF Inflows Surge: Funds Record Fifth Consecutive Day of Strong Net Inflows Totalling $301.7M

14.06.2025
Bitcoin Treasury Boost: Trump Media Gets SEC Green Light for $2.3B Placement

Bitcoin Treasury Boost: Trump Media Gets SEC Green Light for $2.3B Placement

14.06.2025
Japan Bitcoin: Strategic Move as Remixpoint Boosts Bitcoin Investment

Japan Bitcoin: Strategic Move as Remixpoint Boosts Bitcoin Investment

13.06.2025
Israel Iran Conflict: Urgent Warning for Crypto Market Amid Geopolitical Risk

Israel Iran Conflict: Urgent Warning for Crypto Market Amid Geopolitical Risk

13.06.2025
Load More
Next Post
Casio and Polygon Launch Exclusive NFT G-SHOCK Watches to Unlock Fashion’s Future!

Casio and Polygon Launch Exclusive NFT G-SHOCK Watches to Unlock Fashion’s Future!

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Gary Gensler teases details of SEC’s $5 billion take from enforcement actions, shades crypto

Gary Gensler teases details of SEC’s $5 billion take from enforcement actions, shades crypto

2 years ago

Ethereum Foundation Announces $9M in Q2 Project and Conference Funding

2 years ago
Donald Trump Takes 19% Lead Over Kamala Harris on Polymarket

Donald Trump Takes 19% Lead Over Kamala Harris on Polymarket

8 months ago
Bitcoin Cash soars to 14-month high of over $300 as hash rate spikes

Bitcoin Cash soars to 14-month high of over $300 as hash rate spikes

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Seven Solana ETF Filings Hit SEC — But Is Approval Still a Long Shot?

Ethereum Price Prediction: TradFi Inflows Could Impact ETH Price – What’s Next?

Trending

All news

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
0

The dream of pulling life-changing gains from meme coins is still alive, and Solana-based Telegram trading bot...

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz