Crypto meltdown a boon for U.S. bankruptcy lawyers
The value of bitcoin has dropped 65 per cent so far this year, and large law firms can rake in more than $100 million in legal fees during a long-running bankruptcy, experts say.
![Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken Nov. 28.](https://smartcdn.gprod.postmedia.digital/leaderpost/wp-content/uploads/2022/12/fintech-crypto-genesis.jpg?quality=90&strip=all&w=288&h=216)
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Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers.
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High-profile bankruptcies involving crypto exchange FTX, hedge fund Three Arrows Capital and crypto lenders BlockFi, Celsius Network and Voyager Digital Ltd are generating new opportunities – and big fees – for law firms that counsel troubled companies.