The Blubber

Per Business Insider

After FTX filed for bankruptcy and Sam Bankman-Fried was brought to the US, John Ray III took over as CEO to oversee the bankruptcy and investigate the crypto firm's practices while SBF was running the show. The crypto firm's bankruptcy proceedings are being handled by Sullivan & Cromwell, which has 150 lawyers on the case that charge $810 to $2,000 an hour.

To give an idea of how big of an amount is being paid to lawyers, a full eight-hour workday could earn Sullivan & Cromwell's 150 lawyers anywhere from $6,480 to $16,000 each or $972,000 to $32 million collectively. This, of course, is assuming that each lawyer would work eight hours throughout the day.

Ray also makes $1,300 an hour while overseeing the crypto firm's restructuring. This would result in $10,400 for a full eight-hour day of work or $52,000 for a full workweek without weekends.

US Senators have also criticized FTX's decision to have Sullivan & Cromwell facilitate the bankruptcy proceedings. This is because this is not the first time that the law firm has been involved with the crypto exchange.

In a motion filed by a customer of FTX, it was revealed that SBF would sometimes work out at the law firm's office and that the now-bankrupt crypto exchange once paid Sullivan & Cromwell $20.5 million. John Dorsey, the federal judge overseeing the case, said the relationship would not impact his rulings while shutting down complaints from senators.

The lawyers were responsible for finding at least $5 billion in liquid assets earlier this year. This finding included $1.7 billion in cash but did not include the $484 million Robinhood shares.

Recently, the Department of Justice found that SBF tried to stall the bankruptcy proceedings to transfer FTX assets to foreign regulators. The disgraced founder of the now-bankrupt crypto exchange said he was sorry "about this mess."

See flow at unusualwhales.com/flow.

Other News:

• SBF Maintains that He 'Didn't Steal Funds' Days After Lawyers Recovered at Least $5 Billion
• FTX founder Sam Bankman-Fried attempted to stall bankruptcy proceedings in the U.S. in November in order to transfer assets from his crypto exchange to foreign regulators

Resources:

Business Insider