FTX’s Legal Bills Show Progress on Exploring an Exchange Reboot

Whether FTX’s new chief executive officer actually pushes forward with an effort to restart the bankrupt crypto exchange, its lawyers are billing it for the job.

Attorneys for FTX have been exploring tax issues surrounding a potential reboot of FTX as well as the cybersecurity implications and testing user experience, according to monthly fee statements from law firm Sullivan & Cromwell LLP. Their bill for February came to $13.5 million for tasks ranging from recovering billions of assets to cooperating with law enforcement, as well as considering “long-term options” for the exchange.

John J. Ray III, the new ...