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.
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.
Why did a major crypto company go bankrupt?
David Yaffe-Bellany and Yiwen Lu reviewed court filings to tally the spending in five major crypto company bankruptcies. The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, triggering a government crackdown and erasing the savings of millions of inexperienced investors.
