FTX has paid $12 million to bankruptcy attorneys. as collateral for payment of fees and expenses during the Chapter 11 bankruptcy proceedings filed with the court on Dec. 21.
Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, has received $12 million from West Realm Shires Services Inc. on behalf of FTX for its legal services. On August 26, 2022, FTX paid out nearly $3.5 million to the S&C.
Based on the information provided, FTX paid at least $15.5 million for S&C legal services, and the S&C currently holds nearly $9 million of the $12 million.
After several payments, FTX filed for bankruptcy on Nov. 11, with the resignation of CEO Sam Bankman-Fried. And as a result of the closure of the exchange, FTX investors cannot access their stored funds.
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