FTX bankruptcy leaders decided to sell the “Digital Custody” platform for just $500,000.
FTX was a second-ranked crypto trading platform co-founded by Sam Bankman-Fried (SBF) and launched in 2019. Under the leadership of SBF, FTX secured second place in the crypto market within a few years. In November 2022, the FTX exchange suffered a serious collapse when FTX customers realized that the exchange was not holding their funds and showing false financial reports, in order to maintain public trust.
Recently, FTX bankruptcy leaders decided to sell FTX’s Digital Assets Custody Platform (DCI) for just $500,000.
This platform was acquired by the company for $10 million and the company planned to use the platform to provide crypto custody services for FTXUS and LedgerX.
The decision to sell this platform at a 95% discounted price is shocking. It seems that the DCI platform is not good enough to use for any business, or that bankruptcy leaders made a bad decision.
In the first phase of the investigation in the FTX bankruptcy case, investigators found that the exchange’s fund custody service was very poor and that every employee could access and see the private key of stored assets.
FTX Liquidation Plan
A few weeks ago we reported that FTX’s bankruptcy leaders had filed a motion in court to confirm that they planned to liquidate the platform and compensate FTX customers.
According to the filing, executives said they did not get enough funding support from bidders to restart the exchange, so they decided to liquidate the FTX’s assets and infrastructure.
FTT Token Price Action
The current trading price of FTT, a native token of the FTX crypto exchange, is 17.7% higher than the trading price of the last 24 hours.
Some crypto whales are reportedly using the low trading volume of FTT tokens to dupe crypto investors and make easy money.
Here we would like to advise all our readers not to fall for such tokens, which are useless in every sense. The FTX team has already confirmed that they will not integrate, use or bring the plan to save FTT token investors.
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