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BitGo Recovered $740M Crypto Assets in FTX Bankruptcy So Far

1 min read Original Link

The company tasked with locking down the assets in the failed cryptocurrency exchange FTX said they’ve managed to recover and secure $740 million in assets so far, a fraction of the potential billions that is likely missing from bankrupt company’s coffers.

The assets recovered by BitGo are now locked in what is known as “cold storage” in South Dakota, which means they're cryptocurrencies stored on hard drives not connected to the Internet. BitGo provides what is known as “qualified custodian” services under South Dakotan state law. It's basically the crypto equivalent of financial fiduciary, offering segregated accounts and other security services to lock down digital assets.

The assets recovered include not only Bitcoin and Ethereum, but also a collection of minor cryptocurrencies that vary in popularity, such as the Shiba Inu coin.

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