FTX Hires BitGo to Store $740 Million in Residual Digital Assets

FTX told a federal judge that it wants BitGo to protect its remaining $740 million in digital assets when the bankruptcy process ends.

The deal with BitGo was signed on Nov. 13, about a day after the $372 million in assets from the FTX account was hacked.

FTX has agreed to pay BitGo an upfront fee of $5 million, and the company will charge FTX a monthly fee equal to the average value of digital assets held in US dollars multiplied by 1.5 basis points.

in filing a declaration of agreement The company’s lawyers estimate that FTX will cost approximately $100,000 per month, considering the $740 million transfer of assets to BitGo as of Nov. 16.

FTX will continue to investigate and attempt to recover lost or stolen property.

“It’s time to get serious about ending this man-made catastrophe in crypto,” Bitgo co-founder and CEO Mike Belshe said.

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