OKX Moves $157M Frozen Assets Linked to FTX, Alameda

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.

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 ↓

— OKX (@okx) March 29, 2023

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.

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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

— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 23, 2023

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

— OKX (@okx) March 29, 2023

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.