Cryptocurrency stock market To OKX, FTX and Alameda Research announced that it has detected $ 157 million worth of crypto money belonging to the bank and submitted them to the bankruptcy desk. The exchange did not specify which digital assets it is returning.
Cryptocurrency Exchange OKX Announces It Will Transfer $157 Million Of Frozen FTX And Alameda Assets
FTX bankruptcy lawyers say $694 million in liquid assets were identified prior to OKX’s announcement.
Following FTX’s collapse in November 2022, OKX said it was conducting research on its exchange to detect all FTX-related transactions, and after discovering assets and accounts associated with FTX and Alameda Research, the company took action to secure assets and freeze linked accounts.
Shortly after the collapse of FTX, a hacker siphoned $600 million from their wallets, leading to fears that FTX accounts on other exchanges were compromised.
In early March, bankruptcy lawyers working on the case announced that the exchange (prior to OKX’s announcement) had fiat, stablecoin, Bitcoin, BNB, SOL And Ethereum He said there was a “major shortfall” in assets, with $694 million in the most liquid “Category A Assets” containing
OKEx said in a statement that it “will always comply with court orders and regulatory requirements in the jurisdictions in which we operate, and we are committed to protecting the interests of our customers and the wider crypto community.”
This move is a rare example of an exchange taking such action. In the past, exchanges have been known to freeze users’ funds in the event of a dispute or investigation, but they have generally not confiscated other companies’ assets.
This highlights the complexity and risks of operating in the cryptocurrency industry, where legal disputes and regulatory uncertainty are rampant.
It also highlights the importance of taking due care when signing partnerships and contracts with other companies in this field.
*Not investment advice.
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