The bankrupt cryptocurrency exchange FTX has requested the court to protect its remaining digital assets by BitGo.
FTX, the world’s second largest cryptocurrency exchange, continues its court proceedings. The company is working hard to structure with its new CEO and management team. FTX began operations such as analysis of its assets and screening of creditors. A new request came from the company in the court, where there were millions of victims and creditors lined up. The crypto exchange has leased BitGo for the remaining $740 million in assets.
FTX Will Entrust Its Assets To BitGo
Cryptocurrency exchange FTX is working hard to recover after its bankruptcy. With the resignation of company founder Sam Bankman-Fried, a new CEO was appointed by the court. The new CEO reported that the review of assets has begun.
The exchange company filed a request from the court to protect the remaining $740 million in assets. Going to a judge, the company requested that the remaining assets be protected by BitGo while the bankruptcy proceedings were pending.
FTX has prepaid $5 million to have its assets stored on BitGo via cold wallet. In addition, the company will continue to investigate and attempt to recover lost or stolen assets while the bankruptcy process continues. The company’s lawyers stated that this could increase the amount of assets in custody.
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