As of August, law firms have collectively requested and received $751 million in fees for handling seven Chapter 11 bankruptcies related to the cryptocurrency sector's collapse.

Four major law firms—Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb—accounted for a significant portion of these fees, totaling $484 million, which represents 64% of the total.

Sullivan & Cromwell led the pack, earning $215 million as the debtors' counsel for the bankrupt exchange FTX.

Despite the nearing conclusion of many bankruptcy proceedings, the crypto industry continues to present substantial legal opportunities for firms.

Kirkland & Ellis followed with $120 million in fees, largely from its involvement with Voyager, BlockFi, and Celsius, including over $75 million from Celsius alone.

Cleary Gottlieb earned nearly $73 million as the lead counsel for Genesis, generating approximately $2.5 million monthly since the case began.

White & Case brought in about $75 million while representing Celsius creditors and investigating former CEO Alex Mashinsky.

As of early August, Genesis completed its restructuring process, while Celsius has reimbursed two-thirds of its creditors.

Ongoing high-profile bankruptcy cases include FTX and Terraform Labs, with FTX's confirmation hearing scheduled for October and Terraform's hearing set for September.

Terraform Labs' reorganization hearing is scheduled for September 19, while Genesis has compensated $4 billion to injured parties as of August 2.

A total of 22 law firms are involved in these seven Chapter 11 bankruptcies, highlighting the extensive legal engagement in the crypto sector.