June 30 (Cointime) - The legal fees for the bankruptcy process of FTX have surpassed $200 million and are expected to rise further. Sunil Kuvari, a former FTX customer, is questioning the high costs of restructuring the allegedly fraudulent crypto exchange and recovering funds from various recipients. Kuvari argues that the costs are significantly higher than those of comparable bankruptcies, and creditors may lose an additional $100,000 or more due to the excessive expenses. The bankruptcy examiner, Katherine Stadler, has recommended some cost reductions, but the expenses are deemed appropriate for the complexity of the situation. However, Kuvari believes that FTX's embezzlement was a simple case compared to Enron's well-covered tracks, and Bankman-Fried is taking one last pound of flesh from FTX's victims before facing consequences in October.
All Comments