That's right, forget Bitcoin or Ethereum, the new crypto on the block will be called "DebtCoin."According to recent court filings, the law firms involved with FTX's bankruptcy proceedings charged a whopping $32.5 million for the month of February alone. And that doesn't even include the compensation for FTX's CEO John J. Ray III, who pocketed $305,000 for that month. Apparently, his time is worth $1,300 per hour, which is more than what most people make in a week.
With legal fees this high, it's no wonder that FTX might have to resort to creating its own cryptocurrency. They could call it "BankruptCoin" or "LegalTenderCoin" or "BillMeLaterCoin." The possibilities are endless.
But seriously, the fact that the legal fees exceed the annual budget of a small town is cause for concern. Maybe FTX should have invested in some good lawyers before they went bankrupt.
In conclusion, the legal fees for FTX's bankruptcy proceedings are so high that they're becoming a joke. But the reality is that these fees will have to be paid somehow, whether it's through DebtCoin or some other means. Let's hope that FTX can figure out a way to get out of debt without bankrupting themselves even further.
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