OKX to release $157m in frozen FTX and Alameda

Crypto exchange OKX announced today that it would hand over roughly $157 million in frozen assets linked to FTX and Alameda Research to debtors.

In a press release on March 29, OKX announced its response to a motion submitted in the FTX bankruptcy proceedings.

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

OKX proactively started inquiries to see if any FTX-related transactions were on its platform in the days leading to FTX’s collapse in November 2022. When these investigations identified assets and accounts connected to FTX and Alameda Research, OKX immediately froze the linked accounts and protected the connected assets.

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OKX will continue working with the FTX debtors and law enforcement authorities, hoping these assets will eventually be returned to FTX customers through bankruptcy.

Amid the increased regulation in the US, OKX tries to maintain transparency and cooperate with regulatory bodies. The exchange discloses its proof-of-reserves monthly and is devoted to security and transparency.

Source: https://crypto.news/okx-to-release-157m-in-frozen-ftx-and-alameda/