The company that was charged with locking down the assets This is the Failed cryptocurrency exchange FTX said they’ve managed to recover and secure $740 million in assets Bis now, a A fraction of the Potentially missing billions of Dollars the company’s coffers.

BitGo, a cryptocurrency custodial firm, disclosed the numbers in court filings on Wednesday. FTX In case you need to hire the Hours after the On November 11, the company filed for bankruptcy

Many people’s biggest worry is FTX’s customers is they’ll never see their money again. FTX It failed because Sam Bankman-Fried, its former CEO, and his lieutenants used customer data to make it fail. assets to make bets in Bankman-Fried’s trading firm, Alameda Research. According to reports, Bankman-Fried was looking for new investors in order to repair the damage. the company’s balance sheet.

The $740 Million figure was set on Nov. 16, with additional figures added since then. assets have been Increasingly been recovered.

The assets recovered BitGo users are now locked into what is called “cold storage” in South Dakota, which means they’re cryptocurrencies stored on hard drives not connected to the Internet. BitGo offers what is commonly known as “qualified custodian” services under South Dakotan state law. It’s basically the crypto Financial fiduciary equivalent, offering segregated account and other security services that lock down digital assets.

The assets recovered Not only Bitcoin and Ethereum are included, but also a A collection of minor cryptocurrency that are popular, such as the Shiba Inu coin.

California-based BitGo is available a History of recovering and securing assets. They were given the task of securing assets after the Mt. Gox was shut down in 2014. Gox is also closing. the Custodian the assets Presented by the government of El Salvador.

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