Sam Bankman-Fried’s FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day

The dismantling of FTX is piling up as much as $1.5 million a day in bills as lawyers and other professionals pick through the ashes of the global exchange.

The increasing cost was a point of contention at a bankruptcy hearing on Wednesday, with the creditors’ committee decrying the current rate of spending.

“They’ve now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time,” said Kris Hansen, a lawyer from Paul Hastings representing the creditors’ committee. “Every dollar spent in the case is essentially a dollar that creditors don’t receive.”

Source: Sam Bankman-Fried’s FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day