The company contracted to recover assets from failing cryptocurrency exchange FTX claims to have managed to recover over $740 million so far.
However, this is only a fraction of the billions of dollars potentially missing from the company’s coffers.
Custodian company BitGo was hired within hours of FTX filing for bankruptcy on November 2. 11.
The recovered assets were disclosed Wednesday in court documents.
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FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used client assets to place bets in FTX’s closely related trading company, Alameda Research.
Bankman-Fried reportedly sought more than $8 billion from new investors to repair the company’s balance sheet.
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The $740 million figure is from November. 16. BitGo estimates that the amount of assets recovered and secured has likely exceeded $1 billion since that date.
Assets retrieved by BitGo are now locked in South Dakota in what’s called “cold storage,” meaning they’re cryptocurrencies stored on hard drives not connected to the internet.
Assets recovered include not only bitcoin and ethereum, but also a collection of minor cryptocurrencies that vary in popularity and value.
The Associated Press contributed to this report.