FTX Will Spend about $20M to Pay its Lawyers

The lawyers involved in the bankruptcy proceedings of cryptocurrency exchange FTX say the company owes them around $20 million, according to the corresponding applications filed by various firms.

Sullivan & Cromwell has requested the largest amount, $9.5 million, for work from November 12 to 30, 2022, as well as $105,000 for other expenses.

Several US officials and former FTX CEO Sam Bankman-Fried have previously raised concerns about working with Sullivan & Cromwell.

One of the main reasons was that the firm had already worked with the exchange and received $8.5 million for work in the 16 months before bankruptcy.

Consulting firm Alvarez & Marsal billed $6.2 million for work from November 11 to 30. In addition, the company asks to pay expenses for $180,000.

All the organizations listed in the document have said they are ready to accept for payment 80% of the total amounts indicated in the documents.