long running

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.

Publishing date:

Dec 03, 2022  •  5 days ago  •  3 minute read

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Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken Nov. 28.
Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken Nov. 28. Photo by DADO RUVIC /REUTERS

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.

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.

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December 9, 2022 by ATTORNEY
October 2023
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