Aug. 14 at 10:18 AM
$VYGVQ Sullivan & Cromwell (FTX) billed
$16.5 million per month, 6.5 times more than what they charge Celsius for a comparable case. Some senior attorneys charge over
$2,000 per hour. Fees sometimes represent 10% of what is owed to victims.
What was recovered:
$484.35 million recovered from FTX (
$450 million), Three Arrows Capital (
$20.43 million), and insurance companies (
$14.35 million). Approximately
$1.3 billion in crypto assets were on the platform at the time of bankruptcy. Total expected recovery: approximately 35-36% for creditors.
There remains a hidden treasure and a platform that was working extremely well. Who will buy it?