Fenwick’s $54 million FTX settlement shows that the cost of crypto’s last boom is still spreading beyond founders and executives.

Fenwick did not run FTX. It did not hold customer deposits. It was not the public face of the exchange. That is exactly why its $54 million settlement matters. The legal fallout from FTX is no longer only about Sam Bankman-Fried and the inner circle that helped him build one of the most damaging frauds in crypto history. It is now reaching the professional firms that helped the company look credible while the risk was building underneath.

According to Reuters, Fenwick agreed on Friday to pay $54 million to resolve claims from FTX customers who alleged the Silicon Valley law firm helped enable the…