How much money have crypto lawyers collected from bankruptcies?

Lawyers, accountants, consultants, analysts and other professionals have collected at least $700 million in fees from the bankruptcies of major crypto firms over the past year, according to a report and an analysis by The New York Times.

Who are the big winners in a crypto bankruptcy?

Lawyers are the big winners from a series of crypto industry bankruptcies with a fee fest worth more than $700 million, the New York Times (NYT) reported. Lawyers, accountants, consultants, cryptocurrency analysts, and other professionals have earned the fees since last year, according to an analysis by the NYT.

What happens if a crypto company goes bankrupt?

Every dollar in fees is deducted from the pool of funds that will be returned to creditors at the end of the bankruptcies. The fees are “exorbitant and ridiculous,” said Daniel Frishberg, a 19-year-old investor who lost about $3,000 when the crypto company Celsius Network filed for bankruptcy last year.