Crypto firm crises bring over $700m to legal professionals
The legal industry has risen as a major beneficiary amid the financial downturn of several prominent cryptocurrency firms, garnering hundreds of millions in fees. According to a report on Sep. 5, professionals , including lawyers, accountants, and consultants, have amassed at least $700 million from the bankruptcy cases of major crypto entities in the past year. This substantial figure encompasses the fees incurred from the bankruptcy proceedings of five notable crypto companies: FTX, Celsius Network, Voyager Digital, BlockFi, and Genesis Global, from July 5, 2022, to July 31, 2023. As these cases continue to evolve, the total amount is expected to surge, especially with the forthcoming trial of Sam Bankman Fried in October. The data indicates that the legal experts engaged in the FTX case have been the primary beneficiaries, billing a cumulative amount of $326 million. Sullivan & Cromwell, the law firm overseeing FTX’s bankruptcy, has invoiced over $110 million in legal...