FTX moving coins to BitGo, plans to settle the over $8B debt ongoing
FTX, the defunct crypto exchange, has been consolidating coins as part of efforts to settle over $8 billion in debt owed to customers and creditors following its bankruptcy in November 2022. The bankrupt exchange is in the process of bridging several digital assets to their native blockchain networks, FTX shared in an update via X (formerly Twitter) on Sep. 6. Additionally, they plan to move their holdings of Solana (SOL) and other virtual currencies from their reserves to BitGo. FTX has been actively bridging tokens from various blockchains back to their native blockchains. FTX also has been in the process of migrating SOL and other tokens from existing wallets to BitGo, FTX’s qualified custodian. — FTX (@FTX_Official) September 6, 2023 A court appointed BitGo as FTX’s official custodian following a filing on Nov. 24, 13 days after the crypto exchange declared bankruptcy and founder Sam Bankman-Fried (SBF) resigned as chief executive officer (CEO). You might also l...