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Cryptocurrency crash: Lawyers receive $820 million in "red envelopes"💥💥💥💥
Who would have thought that behind this financial storm, a group of lawyers were secretly happy?
Yes, you heard it right. In the 2022 cryptocurrency crash, lawyers made a lot of money, with a total of an astonishing $820 million!
Imagine that when the world's second largest crypto trading platform, FTX, collapsed and countless investors lost all their money, the lawyers of Sullivan & Cromwell were counting money and laughing. As special consultants to FTX, they easily earned $254 million in "red envelopes" with just one contract. This is much easier than robbing a bank!
And in this financial farce, there is another law firm that is not to be outdone, that is Kirkland & Ellis. They are like the "professional firefighting team" in the cryptocurrency industry. Wherever there is bankruptcy, there are their figures. Celsius, Voyager Digital, BlockFi... These once-prosperous cryptocurrency companies have now become their "cash cows".
Take Celsius for example. In just one bankruptcy case, Kirkland & Ellis made a net profit of $76 million! This money comes too easily!
Of course, these lawyers don't make money for nothing. They need to deal with complex legal affairs, assist companies in restructuring, and even deal with courts, creditors and other parties. But then again, this is much easier than those programmers who stay up late to write code and mine, right?
However, this cryptocurrency crash also shows us another fact: the demand for bankruptcy lawyers in the crypto economy is growing significantly. According to data from the Thomson Reuters Institute, the demand for bankruptcy legal services in the cryptocurrency industry has increased by 4.4% year-on-year. This means that in the days to come, we may see more cryptocurrency companies go bankrupt, and lawyers will continue to accept more "red envelopes".
In short, in this cryptocurrency crash, although investors suffered heavy losses, lawyers became the biggest winners. This can't help but make people sigh: It's really "Thirty years in the east, thirty years in the west"!
