🧵 1. Bankrupt crypto exchange FTX plans to sell subsidiary Digital Custody, Inc. to CoinList for $500,000 after acquiring it for $10 million. Huge discount! #business
🧵 1. Bankrupt crypto exchange FTX plans to sell subsidiary Digital Custody, Inc. to CoinList for $500,000 after acquiring it for $10 million. Huge discount! #business
🧵 2. FTX originally intended to offer custodial services for FTX.US and LedgerX customers with Digital Custody, but never integrated it before bankruptcy.
🧵 3. CoinList, along with two other firms, showed interest in acquiring Digital Custody. FTX engaged in negotiations and finalized the deal with CoinList.
🧵 4. FTX collapsed in 2022 due to CEO Sam Bankman-Fried mishandling customer funds. He was found guilty on all charges against him in 2023.
🧵 Read more at: https://dailyhodl.com/2024/02/12/ftx-plans-to-sell-digital-custody-inc-to-coinlist-for-500000-after-acquiring-the-firm-for-10000000/