WSJ: Professional firms providing services such as lawyers for bankrupt cryptocurrency companies have secured at least approximately $770 million in bankruptcy fees

ChainCatcher news, according to the Wall Street Journal, court records show that since the "crypto winter" of 2022, professional firms (such as lawyers) providing services to at least 9 bankrupt companies have so far received approximately $770 million in fees, as some of these Chapter 11 cases have been delayed. In terms of payment, the fees charged by law firms, bankers, and other professional advisors guiding companies through bankruptcy typically take precedence over corporate creditors.

So far, the bankrupt crypto exchange FTX has paid $317 million in fees and expenses, with nearly two-thirds going to law firms and financial advisors.