Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21.
Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services Inc. on behalf of FTX for legal services. In addition, the filing confirmed that over the past 90 days, i.e., since Aug. 26, 2022, FTX paid nearly $3.5 million to S&C.
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