BusinessPostCorner.com
No Result
View All Result
Thursday, July 3, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

FTX Spent Over $120 Million on Advisory Fees in Just Three Months as Bankruptcy Proceedings Continue

June 20, 2023
in Crypto News
Reading Time: 2 mins read
A A
0
FTX Spent Over 0 Million on Advisory Fees in Just Three Months as Bankruptcy Proceedings Continue
ShareShareShareShareShare
Source: Adobe / Александр Поташев

The bankrupt crypto exchange FTX is facing escalating legal and advisory costs, recent filings submitted by the exchange’s bankruptcy advisors have revealed.

Judging from information in the filings, FTX’s advisors billed the exchange a staggering $121.8 million in fees and expenses for the period between February 1 and April 30.

Leading the pack, law firm Sullivan & Cromwell charged FTX $37.6 million, accounting for 30.9% of the total fees and expenses.

On the other hand, investment banking firm Jefferies billed the lowest amount, representing only 0.6% of the total costs.

In addition came restructuring consultants Alvarez and Marsel, who charged FTX $37 million, along with over $1.1 million in additional expenses such as meals and accommodation.

Debate about rebooting exchange gains traction

The significant costs associated with FTX’s bankruptcy proceedings have sparked a movement among former clients to reboot the exchange under new leadership.

This initiative aims to restore value to customers and has garnered support from individuals such as Travis Kling, Chief Investment Officer at crypto hedge fund Ikigai Asset Management.

Writing on Twitter in March, Kling said a relaunch would be one of the most positive outcomes for creditors, given the regulatory challenges faced by other major exchanges, including Coinbase and Binance.

The movement, known as the FTX 2.0 coalition, is spearheaded by the crypto influencer known as Loomdart.

Loomdart has written extensively about a potential restart of FTX on Twitter, and said as recently as on Tuesday that a “properly executed FTX 2.0” can greatly cut down on the time it will take for creditors to get their money back.

In the midst of these developments, FTI Consulting has dedicated considerable time and billed fees amounting to $761,997.70 for a workstream titled “Exchange restart,” as disclosed in the filings.

As the bankruptcy proceedings of FTX continue, the mounting costs serve as a catalyst for efforts to revive the exchange and deliver value back to affected customers.

In all likelihood, the coming months will determine the fate of FTX and whether it can emerge as a new exchange from bankruptcy, potentially marking a turning point for the embattled platform.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Jeremy Hunt calls in banks for talks over spiralling UK mortgage costs

Next Post

Bill Gates, Bezos, Jack Ma invest in AI mining unicorn

Next Post
Bill Gates, Bezos, Jack Ma invest in AI mining unicorn

Bill Gates, Bezos, Jack Ma invest in AI mining unicorn

Goldman Sachs: AI, not tariffs, are best bet to boosting U.S. manufacturing productivity

Goldman Sachs: AI, not tariffs, are best bet to boosting U.S. manufacturing productivity

June 28, 2025
Crypto Exchange Bakkt Files for B Shelf Offering, Plans to Buy Bitcoin

Crypto Exchange Bakkt Files for $1B Shelf Offering, Plans to Buy Bitcoin

June 27, 2025
Microsoft to cut up to 9,000 jobs as it invests in AI

Microsoft to cut up to 9,000 jobs as it invests in AI

July 2, 2025
Republican Sen. Thom Tillis won’t run in 2026 after opposing Trump’s bill

Republican Sen. Thom Tillis won’t run in 2026 after opposing Trump’s bill

June 29, 2025
Nigerian Man Pleads Guilty to Laundering .5M in Crypto from US Victims

Nigerian Man Pleads Guilty to Laundering $2.5M in Crypto from US Victims

June 26, 2025
Robinhood Launches Stock Tokens and L2 Blockchain To Expand Crypto Offerings in EU and US

Robinhood Launches Stock Tokens and L2 Blockchain To Expand Crypto Offerings in EU and US

June 30, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

US jobs see strong growth in June with unemployment down to 4.1%

US jobs see strong growth in June with unemployment down to 4.1%

July 3, 2025
Nissan is recalling nearly half a million cars—and the flaw is so serious some may need new engines

Nissan is recalling nearly half a million cars—and the flaw is so serious some may need new engines

July 3, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!