FTX has agreed to hire BitGo to hold its $740 million of remaining digital assets in cold wallets.
“It’s time to get serious about ending the human-created disasters in crypto,”‘ BitGo CEO Mike Belshe told The Block.
A custodial services agreement with BitGo was signed Nov. 13, approximately one day after someone completed “unauthorized transfers” draining $372 million worth of assets from FTX accounts. FTX has agreed to pay a $5 million upfront fee to BitGo, and the company will charge FTX a monthly fee equal to the average U.S. dollar value of the digital assets held, multiplied by 1.5 basis points. In their filing announcing the deal, lawyers for the company estimate it will cost FTX approximately $100,000 per month, based on the initial transfer of $740 million worth of assets to BitGo as of Nov. 16.
“When you break down FTX subsidiaries, the ones that used BitGo products are solvent and safe. The ones that didn’t, aren't.”
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