News

OKX to release $157M frozen assets tied to FTX & Alameda

Published

1 year ago

April 1, 2023

OKX has announced that it will transfer $157 million in frozen assets to FTX and Alameda-related entities, which is in response to a motion filed today in the FTX bankruptcy proceedings. According to reports, the frozen assets include cryptocurrencies such as Bitcoin, Ethereum, and different altcoins but OKX didn’t mention any tokens themselves. These funds had been frozen for a while, following the discrepancies in FTX.

They were rumours and speculations that OKX engaged in market manipulation and other unethical practices in the cryptocurrency market. However, OKX had taken the initiative to look into the possibility of FTX-related transactions occurring on its network, following the FTX saga in November 2022.

OKX acted swiftly to freeze accounts and secure assets linked to FTX and Alameda Research after discovering them during the course of these inquiries.OKX responded by denying any misconduct and filing a countersuit against FTX and Alameda.

In an unexpected move, OKX declared that it would hand over the frozen assets to FTX and Alameda-related entities

OKX, for its part, was pleased with the result and emphasized its dedication to transparency and fairness in the cryptocurrency market.

“We are pleased to have resolved this dispute in a fair and equitable manner for all parties involved,” said an OKX spokesperson. “We remain committed to upholding the highest standards of integrity and transparency in our operations, and we look forward to continuing to provide the best possible service to our customers.”

The FTX proceedings are ongoing with new revelations coming up regularly. Since the collapse of FTX, several firms have been impacted with a few others finding ways to return back to full operations. There’s no telling what more could be expected from the FTX saga.