Law Firms Earn $751 Million in Crypto Bankruptcy Cases
In recent months, crypto bankruptcies have caused significant losses for investors but have been highly lucrative for law firms handling the cases.
As of August, legal fees for the seven major Chapter 11 crypto bankruptcies from 2022 have totaled $751 million.
Four prominent firms—Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb—account for the majority of these fees, collectively earning $484 million, or 64% of the total.
- Sullivan & Cromwell earned $215 million, primarily for its work with FTX.
- Kirkland & Ellis billed $120 million, with significant fees from handling Voyager, BlockFi, and Celsius.
- White & Case made about $75 million from its roles in the Genesis and Celsius cases.
- Cleary Gottlieb received nearly $73 million for its work with Genesis.
READ MORE: Market Anticipates FED Rate Cut as Crypto Declines Persist
Ongoing cases include FTX, with a confirmation hearing set for October, and Terraform Labs, which has a reorganization hearing on September 19. Genesis has already completed its restructuring and compensated $4 billion as of August 2.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
