{"id":84017,"date":"2023-09-05T14:30:42","date_gmt":"2023-09-05T11:30:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84017"},"modified":"2025-09-12T14:51:20","modified_gmt":"2025-09-12T11:51:20","slug":"five-bitcoin-firms-collapse-yields-lawyers-more-than-700m","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/five-bitcoin-firms-collapse-yields-lawyers-more-than-700m\/","title":{"rendered":"Five Bitcoin firms&#8217; collapse yields lawyers more than $700m"},"content":{"rendered":"<p>Since 2022, specialists have earned more than $700 million from the bankruptcies of five major cryptocurrency companies, including the cryptocurrency exchange FTX. <a href=\"https:\/\/www.nytimes.com\/2023\/09\/05\/technology\/crypto-collapse-lawyers-turnaround-specialists.html\">The New York Times<\/a> reports, citing an analysis of court filings.<\/p>\n<p>Journalists tallied the fee amounts charged in the most high-profile insolvency cases involving <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">Bitcoin firms<\/a> for lawyers, accountants, consultants and other professionals. Among the biggest winners across the five cases were two law firms.<\/p>\n<p>Sullivan &#038; Cromwell, <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the bankruptcy of FTX<\/a>, billed more than $110 million in court costs and reported expenses of more than $500,000.<\/p>\n<p>The second firm is Kirkland &#038; Ellis \u2014 billed $101 million for handling three cryptocurrency bankruptcies. Its expenses totaled $2.5 million.<\/p>\n<p>The publication forecast that the total amount of fees will rise substantially as the cases proceed in the coming months.<\/p>\n<p>Earlier in July, Kirkland &#038; Ellis billed Voyager Digital&#8217;s official creditors committee $28.46 million for three months of work.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since 2022, specialists have earned more than $700 million from the bankruptcies of five major cryptocurrency companies, including the FTX exchange.<\/p>\n","protected":false},"author":1,"featured_media":84018,"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":[1300,1162,1236,1375],"class_list":["post-84017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-court-cases","tag-ftx","tag-lawyers"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84017","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=84017"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84017\/revisions"}],"predecessor-version":[{"id":84019,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84017\/revisions\/84019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/84018"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}