OKX to Transfer $157 Million in Frozen Assets Linked to FTX and Alameda Research

OKX, the second-biggest crypto trading platform by trading volume, has recently announced that it is preparing to transfer $157 million in frozen assets linked to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried's (SBF) fallen empire. This is a response to the newest motion filed on Wednesday in the FTX bankruptcy claim.

OKX Set to Return $157 Million of Frozen Assets Connected to FTX

Following the downfall of FTX in November 2022, OKX took the initiative to conduct thorough investigations regarding any potential FTX-related transactions that might have taken place on its platform. These investigations led to the discovery of accounts and assets linked to FTX and Alameda Research, which OKX promptly froze to secure the associated funds.

"OKX welcomes the motion and will continue to cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through the bankruptcy process," OKX stated in the press release.

For #OKX, doing right by crypto traders & the industry is always a top priority.We did a proactive investigation when FTX collapsed and froze all associated assets & accounts. Today, we are turning over USD157 MN in frozen FTX & Alameda-related assets. Details ↓

FTX was one of the most prominent cryptocurrency exchanges, ranking among the top 10 platforms in terms of turnover. However, November brought a massive selloff of the platform's native token, FTT, and a capital outflow due to concerns regarding the stability of its ecosystem.

This led to the collapse of FTX, triggered the downturn of the broad digital asset market and contributed to the bankruptcy of more crypto-related companies. Meanwhile, SBF ended up behind bars, awaiting sentencing for embezzling billions of dollars. A few days ago, he was additionally accused of paying a $40 million bribe to Chinese officials.

Finance Magnates informed last week that FTX debtors agreed to sell Mysten Labs Inc. preferred shares back to the Web3 startup for $96 million, according to the fillings at the U.S. Bankruptcy Court in Delaware.

FTX locks in $96 million deal to sell Mysten Labs shares and SUI Token warrants.Originally acquired in August 2022 for $101 million. pic.twitter.com/7PdfIM6uDT

The sale resulted in a loss as FTX's bankruptcy attorneys urgently sought to raise funds to reimburse the clients of the failed exchange. Not long ago, FTX's creditors greenlit the retrieval of $460 million from the venture capital firm, Modulo Capital, which had secured investments from Alameda Research the previous year.

OKX Opens New Offices in Hong Kong and Australia

The OKX crypto exchange has not only informed about the $157 million transfer to debtors but also heralded the opening of its new office in Australia in the coming months. The disclosure was shared during an exclusive event for Australia's cryptocurrency enthusiasts at the Melbourne Arts Centre.

"Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we're committed to the local market and aim to build a strong local office," Haider Rafique, the Chief Marketing Officer at OKX, commented.

Celebrations in Melbourne are in full swing as #OKX announced opening our office in Australia! 🇦🇺Big s/o to OKX partners @danielricciardo, @scottyjames31, @oscarpiastri, our team & frens for joining the fun 🏆 pic.twitter.com/m9rvVOmwYq

Just a day earlier, the crypto exchange announced its plans to start a new branch in Hong Kong amid the changing regulatory environment in China's special administrative region. The new set of crypto laws will take effect in June and have already encouraged a number of popular crypto brands to look for a local virtual asset service provider (VASP) license.

According to last week's news, more than 80 companies are waiting in line to join the Web3 ecosystem forming in Hong Kong.

Saxo's Presents New Portal and JPX Gets into DeFi, read today’s news nuggets.