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Bankrupt FTX Seeks Court Nod To Let BitGo Safeguard Remaining Assets, To Pay $5M Fee Upfront

Defunct crypto exchange FTX FTT/USD has notified a federal judge that it would like BitGo to safeguard its remaining digital assets during the bankruptcy proceedings.

What Happened: On Wednesday, FTX said that it was worried about cyberattacks and theft and that the company and its affiliates needed the court’s permission to move assets.

This comes as the hacker exploited over $372 million worth of assets from FTX accounts on Nov. 12.

See Also: Best Cryptocurrency to hedge against inflation

According to a filing from FTX’s attorneys, the deal will cost the company roughly $100,000 each month. In exchange for $5 million in upfront payments and a monthly charge equal to the average U.S. dollar value of the digital assets held, multiplied by.1.5 basis points, BitGo will provide the firm with custody services.

“It’s time to get serious about ending crypto-human-made disasters,” Bitgo co-founder and CEO Mike Belshe told The Block.

Price Action: At the time of writing, FTT was trading at $1.30 down 3.71% in the past 24 hours, according to Benzinga Pro.

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