BitGo Looks To Hold Remaining FTX Assets In Bankruptcy Procedure
November 19, 2022
Defunct Crypto Exchange FTX has agreed to hire BitGo to hold its $740 million of remaining digital assets in cold wallets.
FTX has notified a federal judge that it would like BitGo to safeguard its remaining digital assets during the bankruptcy proceedings.
“It’s time to get serious about ending the human-created disasters in crypto,”‘ BitGo CEO Mike Belshe told The Block.
"By helping in this case, the exchange intend to do our part to restore trust to our industry”, Belshe also said.
FTX had signed an agreement with BitGo on Nov. 13, a day after an unknown hacker exploited over $372 million worth
of assets from FTX accounts.
The exchange was worried about cyberattacks and theft and that the company and its affiliates needed the court's permission to move assets, FTX said on Wednesday.
FTX filed a motion to acquire a custodian in relation to the bankruptcy process on Nov. 23.