- FTX's lawyers are looking at a huge payday as they sort out finances at the collapsed crypto exchange, per Bloomberg.
- Sullivan & Cromwell has 150 lawyers on the case, who are charging rates ranging from $810 to over $2000 an hour.
FTX's lawyers are making up to $2000 an hour as they untangle the failed crypto exchange's chaotic finances, according to a report from $4.
After imploding in late 2022, FTX has been advised through bankruptcy proceedings by law firm Sullivan & Cromwell. According to court filings seen by Bloomberg, the firm has 150 lawyers working on the case, who are charging rates ranging from $810 to more than $2,000 an hour.
The firm's partners are charging the highest rates, the report said. Meanwhile, associates are charging anywhere from $810-$1475 per hour.
According to FTX's new chief John Ray III, Sullivan & Cromwell and other advisors of FTX have been working "nonstop" to sort out the crypto exchange's finances since it declared bankruptcy in November.
It could $4, Ray warned, as the failed exchange had virtually no record-keeping, and used $4, a small-scale accounting software, to manage its multibillion dollar business.
Ray, meanwhile, is making $4 as he oversees the firm's restructuring.
$4 for advising FTX through bankruptcy proceedings, as the law firm has been involved with the crypto exchange even before it declared Chapter 11. FTX's former CEO Sam Bankman-Fried sometimes worked out of Sullivan & Cromwell's office, he said in a blog post earlier this month, and the $4, according to a motion filed by an FTX customer.
But John Dorsey, the federal judge overseeing the case, later $4 from senators as "inappropriate," adding that Sullivan & Cromwell's relationship with FTX would have no impact on his ruling.