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

More than $118 million in legal and advisory fees were billed to the bankrupt crypto exchange between August and October, amounting to $1.3 million per day.

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 filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this amounts to $1.3 million per day or $53,300 per hour.  

The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.

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