FTX, a crypto exchange that filed for bankruptcy protection in November, has incurred more than $20 million in legal and consulting fees since the filing.
The company has installed a new CEO, retained three law firms, and two consulting firms, and is undergoing a complex and expensive wind-down process.
The largest bill was sent by Sullivan & Cromwell, a law firm, charging FTX $9.5 million for 6,561 hours of work and $105,000 in expenses. Another consulting firm, Alvarez & Marsal, sent a bill of $6.3 million.
FTX CEO John Ray disclosed his own fees, billing the company $694,000 through his firm Owl Hill Advisory. These legal and consulting fees serve as a reminder of the complexity and cost of unwinding a global crypto giant.
