Defunt Crypto Exchange FTX has agreed to hire BitGo to hold its $740 million of remaining digital assets in a cold wallet.
FTX has notified a federal judge that it would like BitGo to safeguard its remaining digital assets during the bankruptcy proceedings.
It’s time to get serious about ending the human-created disasters in Crypto. BitGo CEO Mike Belshe told the block.
By helping this case, the exchange intends to do its part to restore trust in our industry. Belshe also said.
The exchange was worried about cyberattacks and theft that the company and its affiliates needed the court’s permission to move assets. FTX said on Wednesday.
FTX filed a motion to acquire a custodian in relation to the bankruptcy process on Nov 23.