FTX requests the court to allow BitGO to serve as its asset custodian during bankruptcy

2022-11-24 07:34:21

Collection

ChainCatcher news, FTX has notified the federal judge, hoping that BitGo will safeguard its remaining digital assets before the conclusion of the FTX bankruptcy proceedings. It is reported that the custody service agreement between FTX and BitGo was signed on November 13, prior to which FTX accounts experienced "unauthorized transfers," resulting in the withdrawal of assets worth $372 million.

Currently, FTX has agreed to pay BitGo a $5 million advance, and BitGo will charge FTX a monthly fee equivalent to 1.5 basis points of the average dollar value of the digital assets held. FTX's lawyers estimate that as of November 16, FTX transferred $740 million in initial assets to BitGo, with a monthly fee of approximately $100,000.

FTX will continue its investigation during the bankruptcy protection period and attempt to recover lost assets, and lawyers believe this may increase the amount of custodial assets. (Source link)

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