FTX Shells Out Millions in Bankruptcy Fees

By: Eliza Bennet

The beleaguered crypto exchange, FTX, is paying approximately $53,000 every hour in bankruptcy lawyer and adviser fees, recent disclosures reveal. Between August and October, the defunct exchange has been billed for more than $118 million in legal and advisory fees, amounting to around $1.3 million daily. Court filings show that the largest service fee was $35.8 million, charged by management consulting firm Alvarez and Marshall. These hefty expenses come as FTX has put forth a reorganization plan to bring about an end to its ongoing bankruptcy proceedings.