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FTX collapse: $740m in BTC, ETH and SHIB recovered and locked in South Dakota

By News

Edited by Charlie Mellor

10:42, 24 November 2022

A smartphone displays the BitGo name
The $740m worth of recovered assets include BTC, ETH and SHIB – Photo: Shutterstock

BitGo – the company tasked with recovering assets lost in the implosion of cryptocurrency exchange FTX – disclosed it had already recovered $740m in a court document filed on Wednesday.

The $740m figure was correct as of 16 November, but more assets have been recouped since then with the total of redeemed assets now estimated to be in excess of $1bn.

The disclosed amount, which is in bitcoin (BTC), ether (ETH), and shiba inu (SHIB), is stored in cold storage – offline hardware wallets – in South Dakota, where the California-based BitGo is licensed to act as custodian of FTX’s digital assets.

Bitcoin (BTC) to US dollar

FTX, along with around 130 affiliated companies, filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware on 11 November 2022.


0.11 Price
+0.880% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


3,139.16 Price
+0.650% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


57,987.10 Price
+0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


375.55 Price
+7.440% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

It has since been disclosed that FTX has more than a million creditors, and owes an $3.1bn to its 50 largest claimants.

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Ethereum (ETH) to US dollar

Recovery fees

BitGo disclosed that it had charged FTX an upfront $5m fee for its custody services and estimated that its monthly fee would be $100,000 for now, but warned this could increase as the amount of digital assets held in custody rises.

“Initially, the average estimated monthly cost is expected to equal approximately $100,000, based on approximately $740m in value of digital assets that had been transferred to the custodian’s custody as of 16 November, 2022,” said BitGo in the court filing. 

“As the debtors anticipate moving additional digital assets to the custodian’s custody as the asset investigation and recovery process continues, the monthly fee due could increase as the value of the digital assets held in custodial wallets increases.”

Markets in this article

Bitcoin / USD
57987.10 USD
385.4 +0.670%
Ethereum / USD
3139.16 USD
20.38 +0.650%
Shiba Inu / USD
0.00001726 USD
0.00000023 +1.410%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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