The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto’s implosion has become a financial bonanza. Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle. Every dollar in fees is deducted from the pool of funds that will be returned to creditors at the end of the bankruptcies.

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Persons: trigging Organizations: New York Times