FTX has paid over $100M to lawyers and consultants handling its bankruptcy case

The FTX debtors said they had paid the 14 consultancy firms and the instrumentality firms handling its bankruptcy lawsuit implicit $100 cardinal arsenic of April 30, according to a May 30 tribunal filing.

Sullivan & Cromwell is apical earner

According to the filing, FTX paid instrumentality steadfast Sullivan & Cromwell (S&C) $39.58 cardinal for its services, making it the highest earner among these firms.

S&C is the company’s restructuring counsel and has played an progressive relation successful FTX’s bankruptcy case. The instrumentality steadfast antecedently described its services to the bankrupt speech arsenic “one of the astir complicated, multi-disciplinary exercises by immoderate instrumentality firm.”

The steadfast was initially met with stiff absorption from Sam Bankman-Fried, who accused the instrumentality steadfast of pressuring him to authorize filing for bankruptcy successful the days pursuing FTX’s implosion. S&C’s engagement successful the proceedings has besides been challenged by U.S. lawmakers Thom Tillis, Elizabeth Warren, John Hickenlooper, and Cynthia Lummis, who cited its erstwhile narration with FTX successful a Jan. 9 letter to the court.

Another top-earning steadfast successful the FTX’s bankruptcy lawsuit is Alvarez & Marsal North America, acting arsenic a fiscal advisor to the bankruptcy case. The steadfast has earned $32.7 million.

Others similar Landis Rath & Cobb, Quinn Emanuel Urquhart & Sullivan, AlixPartners, Kroll, Jefferies LLC, and others person earned betwixt $257,149 and $5.01 million.

FTX has $2.03B successful bank

The debtors successful FTX’s bankruptcy reported that the 4 siloes of the bankrupt crypto empire held $2.03 cardinal successful unnamed banks arsenic of April 30.

A breakdown of these slope relationship balances showed that the Alameda silo, which comprises the main trading steadfast Alameda Research and its subsidiaries, had $877.28 cardinal successful banks. In contrast, the West Realm Shires silo — which includes FTX US and Ledger X — had 599.01 cardinal successful the banks.

The Dotcom silo, which comprises FTX.com and different exchanges, had $407.99 cardinal successful banks, portion the FTX Ventures held $154.55 cardinal successful these accepted fiscal institutions.

Source: FTX Fifth Interim Financial Update

Additionally, Deck Technologies, Inc—a abstracted entity and not 1 of the 4 silos making up FTX’s main accounts — has $144,204 successful banks.

The FTX debtors said they maintained accounts successful overseas currencies crossed galore entities. The bankrupt steadfast did not supply further accusation connected the names of these banks oregon the magnitude held astatine each.

Reports revealed respective U.S. banks’ ties to the bankrupt speech earlier successful the year. A suit alleged that the defunct Signature Bank aided and abetted the FTX fraud by “permitting” the commingling of the speech users’ funds done its Signet network.

FTX earned $105M

The fiscal connection further showed that the bankrupt steadfast got $105.32 cardinal done the income of 4 antithetic assets.

According to the filing, the speech earned $96.25 cardinal from the income of its equity and token presumption successful Mysten Labs’ SUI Tokens. CryptoSlate reported that the bankrupt speech had undervalued its SUI holdings by astir 1,000 times, arsenic the tokens would person been worthy implicit $1 billion.

Source: FTX Fifth Interim Financial Update

Meanwhile, the steadfast sold its money presumption successful VY Space for $8.3 cardinal connected April 25 and its equity presumption successful Keygen Labs and Anysphere for $500,000 and $200,000, respectively.

Other updates

According to the tribunal filing, FTX made $44.02 cardinal successful disbursements successful April. The filing did not see details connected erstwhile these payments were made and to whom they were made.

Source: FTX Fifth Interim Financial Update

Additionally, FTX said it has 107 full-time employees, down from the 320 employees it had erstwhile it filed for bankruptcy and paid a full post-petition taxes of $386,033 successful April.

The station FTX has paid implicit $100M to lawyers and consultants handling its bankruptcy case appeared archetypal connected CryptoSlate.