Bankrupt FTX Asks Court for Permission to Let BitGo Protect Remaining Assets, Pay $5M Fee Upfront – FTX Tokens (FTT/USD)

defunct crypto exchange ftx ftt/usd has informed a federal judge that it would bitgo To protect your remaining digital assets during bankruptcy proceedings.

What happened: On Wednesday, FTX said it was concerned about cyberattacks and theft and that the company and its affiliates needed court permission to transfer assets.

This came after hackers exploited over $372 million in assets from FTX accounts on 12 November.

See also: Best cryptocurrency to hedge against inflation

According to a filing from FTX’s attorneys, the deal will cost the company approximately $100,000 per month. In exchange for $5 million in upfront payment and a monthly fee equal to the average US dollar value of digital assets held, multiplied by 1.5 basis points, BitGo will provide custody services to the firm.

“The time has come to get serious about ending crypto-man-made disasters,” Mike Belshe, co-founder and CEO of BitGo, told The Block.

price action: According to Benzinga Pro, at the time of writing, FTT was trading at $1.30, down 3.71% over the past 24 hours.
Read further: A Look at Bitcoin, Ethereum and Dogecoin Heading into the Weekend for Thanksgiving, Black Friday

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