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OKX to Return $157M of Frozen Assets Linked to FTX and Alameda

OKX to Return $157M of Frozen Assets Linked to FTX and Alameda

OKX, the second largest crypto exchange, has revealed plans to return frozen digital assets linked to FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings. The Seychelles-based exchange had opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in November 2020. During the investigation, OKX found accounts affiliated with FTX and Alameda, which the company froze to safeguard assets valued at $157 million. OKX has now announced its plans to unfreeze the assets and transfer them to the bankruptcy estate in compliance with a new petition seeking the return of the funds.

OKX to Transfer $157M to FTX Bankruptcy Estate

“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 exchange said.

OKX has committed to transparency and sees the move as part of its commitment to supporting the restructuring plan.

OKX Plans Australia Expansion

In addition to returning the frozen assets, OKX also announced its plan to open a regional office in Australia in the coming months to better serve its customers in the region. The exchange made the announcement at a conference held for crypto enthusiasts at the Melbourne Arts Center to celebrate ahead of the Australian Grand Prix. OKX’s Chief Marketing Officer, Haider Rafique, revealed that the company’s decision to launch an official office in Australia is part of its strategy to become the world’s leading digital assets service provider.

“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,” he said.

OKX aims to strengthen its brand presence in Australia and build a strong presence in the local market.