The cryptocurrency exchange OKX will hand over frozen assets tied to FTX and Alameda Research that are in bankruptcy proceedings, totaling about $157 million.
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 ↓
— OKX (@okx) March 29, 2023
The company did not specify which cryptocurrencies and tokens make up this amount. The return will take place in response to a petition filed by the debtors.
According to a press release, in the days collapse of FTX, in November 2022, OKX initiated an investigation to identify on its platform any transactions related to the Sam Bankman-Fried empire.
After identifying assets and accounts related to FTX and Alameda Research, the exchange immediately froze them.
“OKX supports this petition and will continue to cooperate with the debtors and authorities in the hope that these assets will ultimately be returned to FTX users as part of the bankruptcy proceedings,” the company said.
At the end of November, experts detected a transfer to OKX of 255 BTC (~$4.2 million at the time) attacked FTX hacker. Lennix Lai, OKX’s CEO, said at the time that the team was tracking the movement of the assets.
As reported in March 2023, FTX said that the shortfall to cover client and creditor claims stood at $8.7 billion.