BitGo Recovers Millions in FTX Assets

The CEO of FTX, John Ray III, has chosen digital asset custodian BitGo to hold the former exchange’s remaining solvent assets during its ongoing bankruptcy proceedings. FTX filed a court motion on Nov. 23rd to garner a third-party custodian who could safeguard the company’s assets.

So far, BitGo has recaptured $740 million, as of Nov. 16 and may have recovered as much as $1 billion in the days since. The final amount will be reflected in bankruptcy court filings in FTX’s bid to recover billions of dollars lost from its Nov. 8-9 collapse. 

BitGo was originally hired by FTX on Nov. 11th, just hours after the company filed bankruptcy, to act as a reputable custodian for FTX’s disparate assets. BitGo has the assets locked in cold storage at its South Dakota headquarters. 

BitGo held digital assets during the bankruptcy of Mt. Gox in 2014 and currently services several companies such as NXO, Ripple, and Swissborg. Its platform provides portfolio management and wallet services for more than 35% of all crypto exchanges.