FTX Crypto Exchange Faces Astronomical Legal Fees amid Ongoing Bankruptcy Trial

The crypto sector, already beleaguered with lawsuits, is facing an escalating crisis with the FTX crypto exchange at its epicenter. Once hailed as a prodigy, Sam Bankman-Fried’s enterprise is under scrutiny, with the lawsuit revealing customer funds misuse. With the case currently in court, an intriguing comment has emerged from one of the auditors overseeing FTX’s bankruptcy process. FTX Trial Continues The FTX case, only seven months into the bankruptcy process, appears to have accumulated legal and administrative fees totaling over $200 million. An independent auditor considers this sum reasonable, pointing out the extreme workload the case has required. Court-appointed auditor Katherine Stadler discussed law firms’ transaction fees in her 47-page final report. She deemed the fees associated with the bankruptcy process, which began on November 11, 2022, to be reasonable. Stadler noted that FTX’s largely unregulated financial system contributes to the case’s scale, which is substantial considering the exchange’s […] The post FTX Crypto Exchange Faces Astronomical Legal Fees amid Ongoing Bankruptcy Trial appeared first on COINTURK NEWS.