FTX debtors said they paid 14 consulting firms and law firms in the bankruptcy case more than $100 million as of April 30, according to a May 30 court filing. Admission,
Sullivan & Cromwell is the highest grossing company
According to the filing, FTX paid law firm Sullivan & Cromwell (S&C) $39.58 million for its services, making it the highest earner among these firms.
S&C is the company’s restructuring advisor and played an active role in FTX’s bankruptcy proceedings. The law firm previously described its services to the Bankruptcy Exchange as “one of the most complex, multi-disciplinary practices by any law firm.”
The firm initially faced strong opposition from Sam Bankman-Fried, who accused the law firm of pressuring him to authorize the filing for bankruptcy in the days following the FTX explosion. S&C’s participation in the proceedings has also been challenged by US lawmakers Thom Tillis, Elizabeth Warren, John Hickenlooper and Cynthia Lummis, who on January 9 cited their past association with FTX. letter to court,
Another top-grossing firm in the FTX bankruptcy case is Alvarez & Marsal North America, which is acting as financial advisor to the bankruptcy case. The firm has earned $32.7 million.
Others such as Landis Rath & Cobb, Quinn Emanuel Urquhart & Sullivan, AlixPartners, Kroll, Jefferies LLC have earned between $257,149 and $5.01 million.
FTX has $2.03B in the bank
Debtors in FTX’s bankruptcy reported that the bankrupt crypto empire’s four silos held $2.03 billion in unnamed banks as of April 30.
A breakdown of these bank account balances revealed that the Alameda silos, which included major trading firm Alameda Research and its subsidiaries, held $877.28 billion in banks. In contrast, West Realm Shire silos – which include FTX US and Ledger X – had 599.01 billion in the banks.
The dotcom silos, which include FTX.com and other exchanges, held $407.99 billion in banks, while FTX Ventures held $154.55 billion in these traditional financial institutions.
Additionally, Deck Technologies, Inc.—a separate entity and not one of the four silos that make up FTX’s core accounts—has $144,204 in the banks.
The FTX debtors stated that they maintained accounts in foreign currencies at several entities. The bankrupt firm did not provide further details on the names of these banks or the amount held in each.
The report revealed the ties of several US banks to the bankrupt exchange earlier in the year. One lawsuit alleged that the defunct Signature Bank aided and abetted the FTX fraud by “allowing” the exchange’s users’ funds to flow through its Signet network.
FTX raised $105M
The financial statement further showed that the bankrupt firm received $105.32 million through the sale of four separate properties.
According to the filing, the exchange raised $96.25 million from the sale of its equity and token positions in Misten Labs’ SUI tokens. cryptoslate reported that the bankrupt exchange had reduced its SUI holdings by nearly 1,000 times, as the token would have been valued at more than $1 billion.
Meanwhile, the firm sold its fund position in VY Space for $8.3 million and its equity positions in Keygen Labs and Anisphere for $500,000 and $200,000, respectively, on April 25.
According to court filings, FTX made $44.02 million in disbursements in April. The filing did not include details on when and to whom these payments were made.
Additionally, FTX said it has 107 full-time employees, down from 320 employees when it filed for bankruptcy, and paid post-petition taxes totaling $386,033 in April.