FTX asks court to let BitGo protect its roughly $740 million in crypto assets during bankruptcy

According to The Block, FTX asked the court to agree to let the encryption custody company BitGo protect its approximately $740 million in encrypted assets during bankruptcy, and signed a custody service with BitGo one day after the hacker transferred approximately $380 million (November 16). Protocol to keep in cold wallet. The company and its affiliates have since had to ask the judge overseeing its bankruptcy before transferring crypto assets, and FTX has agreed to pay BitGo an upfront fee of $5 million, roughly the average dollar value of the crypto assets it holds multiplied by 1.5 basis points per month. According to the transfer of $740 million worth of initial assets to BitGo on November 16, FTX will spend about $100,000 per month.