FTX loses $53K every hour on ‘bankruptcy fees’ — latest filings show
More than $118 million in legal and advisory fees were billed to the bankrupt crypto exchange between August and October or $1.3 million per day.
Crypto exchange FTX has been burning through approximately $53,000 every hour over the three months ending Oct. 31 — just on bankruptcy lawyers and advisers, the latest round of compensation filings show.
Court filings from Dec. 5 to Dec. 16 have shown that the bankruptcy lawyers have charged an accumulated total of at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this equates to $1.3 million per day or $53,300 per hour.
The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.
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