FTX asks court to let BitGo safeguard its assets during bankruptcy

2022/11/23 23:24

FTX notified a federal judge that it wants BitGo to safeguard its remaining digital assets as bankruptcy proceedings play out.
A custodial services agreement with BitGo was signed Nov. 13, approximately one day after someone completed “unauthorized transfers” draining $372 million worth of assets from FTX accounts.
FTX has agreed to pay a $5 million upfront fee to BitGo, and the company will charge FTX a monthly fee equal to the average U.S. dollar value of the digital assets held, multiplied by 1.5 basis points. In their filing announcing the deal, lawyers for the company estimate it will cost FTX approximately $100,000 per month, based on the initial transfer of $740 million worth of assets to BitGo as of Nov. 16.
FTX will continue to investigate and attempt to recover lost or stolen assets while the bankruptcy plays out, and attorneys for the company note that could increase the amount of assets in custody.
Objections to the custodial services agreement are due by Dec. 7 at 4 p.m. The next hearing in U.S. Bankruptcy Court for the District of Delaware will take place on Dec. 16 at 10 a.m. EST.

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