FTX Debtors Estate to Sell Digital Custody Inc. (DCI) to CoinList
The FTX Debtors estate, led by CEO John Ray III, is selling Digital Custody Inc. (DCI) to CoinList for $500,000. FTX had acquired DCI in two separate transactions totaling $10 million, but the company was never integrated into the FTX ecosystem before former CEO Sam Bankman-Fried filed for bankruptcy.
DCI was purchased to provide custodial services for FTX.US and LedgerX. However, with the sale of LedgerX and the failure to restart FTX.US, DCI is now considered worthless to the estate. Despite this, DCI still holds a license from the South Dakota Division of Banking for custodial services.
After receiving offers from three interested parties, including the original CEO and seller Terence J. Culver, CoinList was chosen as the purchaser due to its superior offer and relationship with Culver. The transaction has been approved by the Committee and the Ad Hoc Committee of Non-US Customers of FTX.com.
FTX has until three days before the closing to find a better offer for DCI, with a reverse-termination fee of $50,000 if the deal falls through.
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