A $700 Million Bonanza for the Winners of Crypto’s Collapse: Lawyers

Bankruptcy lawyers and corporate turnaround specialists have earned over $700 million in fees from the bankruptcies of five major cryptocurrency companies, sparking outrage as many of the investors affected are amateur traders who lost their personal savings.

nytimes.com

Relevant topic timeline:

9/5/2023

Crypto collapses generate hundreds of millions of dollars for lawyers

The legal industry has earned at least $700 million in fees from the bankruptcies of major cryptocurrency firms over the past year, with FTX's case being the most lucrative, highlighting the complexity and lack of clear regulations in the crypto space.

9/11/2023

FTX Bankruptcy Filings Reveal $7B in Assets and Lavish Executive Compensation Under SBF

The bankrupt FTX estate has amassed around $7 billion in assets, including $1.16 billion in solana tokens and $560 million in bitcoin, as it seeks to return funds to creditors through the sale of its crypto holdings.