FTX loses $53K every hour on ‘bankruptcy fees,’ latest filings show

In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show.

Court

Meanwhile, an earlier report filed on Dec. 5 by the court-appointed fee examiner, Katherine Stadler, identified “significant areas of concern” with the billings submitted by the larger advisory firms, including Sullivan & Cromwell, Alvarez & Marshall and others between May 1 and June 31.

“The Fee Examiner identified apparently top-heavy staffing, apparently excessive meeting attendance, fees related to non-working travel time, and various technical and procedural deficiencies with respect to some time entries (including vague and lumped entries),” states the report regarding the billings submitted by Alvarez & Marshall.