2 months ago 1 min read

OKX Returns $157M Frozen Assets In Response To FTX's Bankruptcy Process


OKX claims it has identified $157 million in digital assets belonging to FTX and Alameda Research and is handing them over to the bankruptcy estate for the former companies in response to a petition filed in the FTX bankruptcy proceedings.

OKX investigated whether any FTX-related transactions had occurred on its platform in the days preceding FTX's demise in November 2022. When these assets and accounts were linked to FTX and Alameda Research, OKX acted quickly to freeze the relevant accounts and secure the assets. The exchange stated that it would continue to collaborate with FTX debtors and law enforcement officials in the hope that these assets would be returned to FTX users through the bankruptcy process.

OKX is now one of the exchanges expanding its operations. OKX has announced plans to open a new office in Australia in the coming months. The exchange also announced the formation of a Hong Kong firm with the goal of developing virtual asset services in Hong Kong and applying for a VASP license.

FTX has asked the court to deny Sam Bankman-Fried (SBF) access to the company's $10 million insurance fund in order to cover his large legal bills. As stated by the Creditors Committee, any amount SBF is permitted to use in the insurance fund reduces the amount of money available to repay the loan. The move follows allegations that Bankman-Fried is using an Alameda Research donation to fund his criminal legal defense.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.