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FTX Hired BitGo To Hold Remaining Fund

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BitGo will be the cold wallet holder for the remaining $740 million worth of digital assets that FTX has.

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FTX has informed a federal judge that BitGo would be able to protect its digital assets during bankruptcy proceedings.

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The Block's Mike Belshe, BitGo CEO, stated, "It is time to get serious about ending human-created crypto disasters."

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Belshe said that the exchange would help in this case and do its part to restore industry trust.

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FTX reached an agreement with BitGo on November 13, just days after an unknown hacker stole assets worth over $372 Million from FTX accounts.

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The exchange was concerned about cyberattacks and theft, and its affiliates required permission from the court to move assets, FTX stated Wednesday.

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FTX filed a motion for a custodian to be appointed concerning the bankruptcy proceedings on November 23.

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