From $10M to $500K: FTX Slashes Digital Custody Unit Price in Post-Collapse Sale
Now-defunct crypto exchange FTX is set to sell one of its Digital Custody Inc. (DCI) unit for a fraction of its original price.
DCI, which was purchased by FTX for $10 million in August 2022, will now be sold to the token sale platform CoinList for a mere $500,000.
Initially, FTX acquired DCI to provide custodial services for FTX.US and U.S.-based LedgerX.
However, due to the collapse of the FTX empire, DCI was never integrated into either operation.
Following the sale of LedgerX and FTX’s decision not to restart or sell its exchange, DCI’s operations dwindled, according to a court filing.
Nevertheless, DCI still holds value as it possesses a custody license from South Dakota.
The bankruptcy filing said that a prompt sale of the DCI unit would help FTX defray or avoid further operational expenses associated with it.
“DCI is also no longer useful to the Debtors’ business given the Debtors’ sale of LedgerX and that it is unlikely for the Debtors to sell or restart FTX US,” the filing added.
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