Two law firms have profited over $200 million from FTX, Celsius, and other cryptocurrency transactions

ChainCatcher news, Protos analysts found through reviewing over 5,000 court records that the law firm Sullivan & Cromwell, responsible for handling the FTX bankruptcy case, and the law firm Kirkland & Ellis, which handled the bankruptcies of three other cryptocurrency companies including Celsius, earned fees of $110 million and $101 million, respectively.

Additionally, according to The New York Times, following the implosion of cryptocurrency companies FTX, Voyager Digital, Genesis Global, Celsius Network, and BlockFi, law firms, consulting companies, and analysts earned over $700 million.

It is reported that an FTX spokesperson stated in a statement that the entire process became more complicated due to the lack of clear cryptocurrency laws and regulations, making legal services inevitably more expensive. The law firms claimed that the high fees reflect the importance of their work in returning funds to investors.