As the FTX bankruptcy unfolds, legal fees are spiraling to nearly $1 billion. The ongoing lawsuit aims to uncover the digital assets and cash flows associated with the collapse, alongside the customer reimbursement process. 📈
The legal bills have been substantial, with leading firms like Sullivan & Cromwell LLP and Alvarez & Marsal racking up over $248 million and $306 million respectively. Consultants representing customers have also incurred fees of around $110 million. ⚖️
The case is complex and requires extensive monitoring as experts delve into the various accounts and assets involved, including those related to customer reimbursements. This process was initiated on February 18th, aiming for a smoother asset tracking process. 💰
Although these expenses are significant, legal experts argue they are essential to accurately track billions of dollars in cryptocurrency and cash tied to this case. 🤔
Compared to other high-profile lawsuits like the Lehman Brothers collapse, the FTX bankruptcy is currently being managed at a lower cost.
Customer reimbursements, scheduled for April and May through Kraken and BitGo, will be one of the key factors in resolving this complex bankruptcy process. 🤝
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