According to an analysis of court records by The New York Times, law firms, accountants, consultants, and analysts have collectively earned over $700 million in fees following the bankruptcies of cryptocurrency companies FTX, Voyager Digital, Genesis Global, Celsius Network, and BlockFi. This figure could potentially see significant growth as the cases unfold over the coming months.
Analysts reviewed more than 5,000 court records and found that in the past year, two major law firms, Sullivan & Cromwell (handling FTX's bankruptcy case) and Kirkland & Ellis (handling three cryptocurrency company bankruptcies), earned $110 million and $101 million in fees, respectively. These two firms also charged additional expenses of $500,000 and $2.5 million, respectively.
Over 50 other professionals have also profited from these cases, including startups specializing in analyzing cryptocurrency transactions, as well as accountants, consultants, and investment bankers.