{"id":80462,"date":"2023-06-20T10:17:45","date_gmt":"2023-06-20T07:17:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80462"},"modified":"2025-09-11T17:10:14","modified_gmt":"2025-09-11T14:10:14","slug":"ftx-paid-over-120-million-in-advisor-fees-between-february-1-and-april-30","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-paid-over-120-million-in-advisor-fees-between-february-1-and-april-30\/","title":{"rendered":"FTX paid over $120 million in advisor fees between February 1 and April 30"},"content":{"rendered":"

Between February 1 and April 30, the collapsed exchange FTX spent $121.8 million on consulting and financial services. The Block<\/a> reports.<\/p>\n

FTX’s lawyers from Sullivan & Cromwell issued the largest invoice \u2014 $37.6 million. The smallest payment, $730,000, went to the venture firm Jefferies.<\/p>\n

Restructuring advisers at Alvarez and Marsel sought $37 million, including $51,225 for meals, $149,155 for lodging, and $1,995 for other expenses.<\/p>\n

\n

As restructuring consultants, their demands and compensation stand above others and are ‘super-priority’ relative to unsecured claims, which include customer deposits,\u201d said The Block analysts.<\/p>\n<\/blockquote>\n

According to the documents, FTI Consulting spent around 686 hours and billed $761,997 for a workstream titled “relaunch of the exchange”.<\/p>\n

In January, FTX chief John Ray first disclosed<\/a> that a dedicated task force was examining the possibility of reviving the company.<\/p>\n

In April, Sullivan & Cromwell’s lawyers allowed<\/a> the exchange to reorganize with a restart rather than liquidation or sale. The timeline they presented anticipated that a detailed plan would be filed in Q3.<\/p>\n

At the same time, the idea of reviving FTX was voiced by<\/a> Zane Tackett, the former head of institutional sales. In his view, the platform should resume offering all products that existed before the collapse, adding a market for tokenized claims.<\/p>\n

Earlier, on November 11, 2022, FTX Group filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code.<\/p>\n

U.S. prosecutors charged former CEO Sam Bankman-Fried with 13 criminal offenses, including bribery of at least $40 million to at least one Chinese official<\/a>. He has not pleaded guilty<\/a> to any of the counts.<\/p>\n

In May it emerged that Bankman-Fried’s lawyers are seeking to dismiss many charges<\/a> before the start of the trial. They are asking to dismiss almost all counts, except for the conspiracy to commit fraud involving securities, commodities and money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"

Between February 1 and April 30, the collapsed exchange FTX spent $121.8 million on consulting and financial services.<\/p>\n","protected":false},"author":1,"featured_media":80463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1236],"class_list":["post-80462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80462"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80462\/revisions"}],"predecessor-version":[{"id":80464,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80462\/revisions\/80464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80463"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}