Notably, the consulting firm Alvarez and Marshall received $36 million for three months of work, while Sullivan & Cromwell was paid $32 million. Alixpartners demanded $13.3 million for a forensic examination, while Quinn Emanuel Urquhart received $10.4 million. Between August 1 and October 31, 2023, various law firms involved in the FTX bankruptcy case received a total of at least $118.1 million in legal fees, according to public records.
As a result, the amount of funds available for distribution among the affected creditors is decreasing at a rate of $53,300 per hour, as stated in a report by Katherine Stadler, a forensic expert and representative of the Delaware bankruptcy court. The temporary administration of FTX has proposed a payment plan that involves returning money to clients and creditors after liquidating a majority of the cryptocurrency assets.