FTX Bankruptcy: $740 Million in Cryptocurrency Assets Recovered

Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry hearing about "Examining Digital Assets: Risks, Regulation, and Innovation," on Capitol Hill in Washington, DC, on Feb. 9, 2022. SAUL LOEB/AFP via Getty Images

BitGo, the firm tasked with locking down the crypto assets of bankrupt crypto exchange firm FTX, has recovered $740 million worth of assets so far, revealed a recent court filing.

FTX debtors are in the process of locating and securing the company’s digital assets. As part of this, the debtors hired BitGo as the custodian on Nov. 13. In exchange, BitGo charges a monthly fee for the debtors’ digital assets that are held in custodial wallets. “Initially, the average estimated monthly cost is expected to equal approximately $100,000, based on approximately $740,000,000 in value of Digital Assets that had been transferred to the Custodian’s custody as of November 16, 2022,” the filing states.