OKX to Return $157M in Frozen Assets to FTX and Alameda

• OKX recently opened an investigation into FTX to determine if the company had done business on their exchange before its demise.
• The investigation found accounts linked to FTX and Alameda worth $157 million which OKX immediately froze.
• OKX plans to unfreeze the assets and transfer them to the FTX bankruptcy estate in compliance with a new petition.

OKX Investigates FTX

Leading crypto exchange, OKX, outlined plans to return frozen digital assets linked to Sam Bankman-Fried’s crypto companies, FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings. The Seychelles-based exchange said it opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in November last year.

Frozen Assets Linked To FTX & Alameda

During the investigation, OKx found accounts affiliated with FTX and Alameda, which the company immediately froze to safeguard assets valued at $157 million.

Return Of Frozen Assets To Bankruptcy Estate

OKx has now revealed its plans to unfreeze the assets and transfer them to the bankruptcy estate in order to aid with their restructuring plan in compliance with a new petition seeking for the return of these funds. The move is part of OKx’s commitment towards transparency.

OKx Plans Australia Expansion

Shortly before announcing plans for returning frozen assets linked back to FTV, OKx disclosed that they would open a regional office in Australia soon.

Conclusion

In conclusion, leading crypto exchange OKx has announced plans for returning $157 million worth of frozen digital assets linked back to Sam Bankman-Fried’s crypto companies FTV and Alameda Research following a recent motion filed by FTV in their bankruptcy proceedings as part of their commitment towards transparency. Additionally, they have also announced plans for opening up a regional office in Australia soon.