Former SEC official: FTX’s cancellation of restart may be a way for its legal team to profit

According to Mars Finance news, John Reed Stark, the former director of the Internet Enforcement Office of the US Securities and Exchange Commission, said that FTX’s cancellation of the restart may be a way for its legal team to profit from the bankruptcy proceedings. John Reed Stark said: “All FTX clients deserve a sarcastic ‘thank you’ letter from the FTX legal team for making significant profits during the bankruptcy proceedings. In 2024, every FTX legal team member It’s possible to afford a new beach house.” According to recent compensation documents, from August 1 to October 31, the FTX bankruptcy legal team collected at least $118.1 million in fees, the equivalent of 92 days. Average daily earnings are $1.3 million ($53,300 per hour).