The company tasked with locking down assets of the failed cryptocurrency exchange FTX Trading said it has recovered $740 million in assets so far, a fraction of the potential billions of dollars likely missing from FTX's coffers.
and abroad for possible securities violations. Securities regulators in the Bahamas — where FTX is based — seized some of the company's assets days after FTX filed for bankruptcy in the U.S.Problems facing FTX came to light earlier this month when Bankman-Fried told a group of investors the company needed about $8 billion to back up its users' crypto assets.
The assets recovered by BitGo are now locked in what is known as"cold storage" in South Dakota, which means the cryptocurrency is stored on hard drives not connected to the Internet. BitGo provides what is known as"qualified custodian" services under South Dakotan state law. 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.
California-based BitGo has a history of recovering and securing assets. They were tasked with securing assets after the cryptocurrency exchange Mt. Gox failed in 2014. The company is also the custodian for the assets held by the El Salvadoran government.
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