$740 million worth of assets recovered from FTX locked in cold storage

November 24, 2022

BitGo, assigned with the task to lock down the assets of the failed cryptocurrency exchange FTX,  has managed to recover and secure $740 million in assets so far.

FTX exchange used customers’ funds to make bets in Bankman-Fried’s trading firm Alameda Research.

SBF was reportedly looking to raise $8 billion from new investors to fill the hole in the company's balance sheet.

The $740 million figure is from Nov. 16, and since then more assets have been recovered.

The assets recovered by crypto custodian BitGo are now locked in what is known as “cold storage” in South Dakota.

The assets recovered include Bitcoin, Ethereum, Shiba Inu and several other altcoins.

The crypto exchange filed for bankruptcy on Nov 11, 2022 sending the entire industry spiraling down.