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

• OKX conducted an investigation into FTX to discover accounts holding $157 million in virtual assets owned by FTX and Alameda.
• OKX froze the assets immediately to protect them and now plans to unfreeze them and transfer them to the bankruptcy estate.
• The exchange is also planning to open a regional office in Australia.

OKX Investigates FTX

Leading crypto exchange, OKX, outlined plans to return frozen digital assets linked to Sam Bankman-Fried’s crypto companies, FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings. The Seychelles-based exchange said it opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in November last year.

$157M Frozen Assets Found

During the investigation, OKX found accounts affiliated with FTX and Alameda, which the company immediately froze to safeguard assets valued at $157 million. OKX has now revealed its plans to unfreeze the assets and transfer them to the bankruptcy estate in compliance with a new petition seeking for their return.

Return Plans Announced

OKX welcomed the motion and said it will continue cooperating with the debtors and law enforcement officials so that these assets can be returned through bankruptcy. The move is part of its commitment towards transparency.

Australia Expansion Plans

Shortly before announcing plans to return the FT X-linked assets, OK X disclosed that it would open a regional office in Australia in 2021 as part of its global expansion strategy.

Conclusion

In conclusion, after conducting an investigation into FT X, leading crypto exchange OK X discovered accounts holding $157 million belonging to both companies which were frozen immediately for safeguarding purposes. Now they plan on returning those funds through bankruptcy while also expanding their business operations into Australia this year