Crypto exchange FTX owes more to lawyers than to creditors in bankruptcy proceedings

Legal fees for the bankruptcy proceedings of FTX, the collapsed crypto exchange, have surpassed the amount owed to its creditors. Recent compensation filings show that FTX has been billed around $1.45 billion by legal experts, while just over $1.42 billion is owed to out-of-pocket customers. The filings also reveal that FTX has paid lawyers a total of $350 million since the bankruptcy proceedings began earlier this year, with fees averaging $1.4 million per day from August to October. Concerns have been raised about the excessive fees charged by the legal firms handling the FTX bankruptcy.