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OKX Returns $157 Million In Frozen Assets In Response FTX Bankruptcy Process

Key Points:

OKX said that it would release over $157 million in frozen assets connected to FTX and Alameda Research to creditors.
In the days of FTX’s demise in November 2022, OKX said it undertook investigations to uncover any FTX-related transactions on its exchange.
After uncovering assets and accounts related to FTX and Alameda Research, the exchange protected the assets and froze the associated accounts.

In response to a petition filed in the FTX bankruptcy proceedings, 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.

OKX examined if there had been any FTX-related transactions on its platform in the days leading up to FTX’s demise in November 2022. When these assets and accounts were identified to be related to FTX and Alameda Research, OKX took quick measures to freeze the relevant accounts and secure the assets.

The exchange said that it would continue to work with FTX debtors and law enforcement authorities in the expectation that these assets would be restored to FTX users via the bankruptcy process.

OKX is now one of the exchanges that are increasing its operations. OKX said its plans to create a new office in Australia in the coming months. The exchange also announced the foundation of a Hong Kong firm with the objective of developing virtual asset services in Hong Kong and applying for a virtual asset service provider (VASP) license.

As Coincu reported, FTX has requested the court not to allow Sam Bankman-Fried (SBF) to use the company’s $10 million insurance fund to cover his high legal bills. The Creditors Committee believes that any amount SBF is permitted to utilize in the insurance fund reduces the amount of money available to repay the loan. The move follows claims that Bankman-Fried is using a donation from Alameda Research to support his criminal legal defense.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.