Frozen FTX and Alameda Assets Worth $157M To Be Returned by OKX

• OKX has disclosed its intent to transfer them to the bankruptcy estate.
• The decision is part of the firm’s dedication to transparency, according to the company.

After a recent petition filed in the FTX bankruptcy proceedings, leading cryptocurrency exchange OKX detailed intentions to restore frozen digital assets related to Sam Bankman-Fried’s crypto firms, FTX and Alameda Research.

The Seychelles-based exchange said that it has launched an inquiry into FTX to ascertain whether or not the company had traded on OKX. The defunct exchange ceased operation in November of last year. OKX froze the $157 million in accounts it discovered were linked to FTX and Alameda over the course of its investigation.

Facilitating Restructuring Strategy

In response to the latest petition for the restoration of the cash, OKX has disclosed its intent to unfreeze the assets and transfer them to the bankruptcy estate to facilitate the company’s restructuring strategy.

The exchange stated:

“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 bankruptcy.” 

The decision is part of the firm’s dedication to transparency, according to the company that is the second biggest cryptocurrency exchange by trading volume.

Moreover, OKX announced intentions to create a regional office in Australia in the future months shortly before announcing plans to surrender the FTX-linked assets.

During a meeting for crypto aficionados organized at the Melbourne Arts Center in honor of the upcoming Australian Grand Prix, the exchange revealed its growth intentions. According to the corporation, several of its brand ambassadors were there, including Olympic snowboarder Scotty James and Formula One driver Daniel Riccardo.

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