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

OKX investigation discovered accounts holding $157 million in virtual assets owned by FTX and Alameda. 

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.

OKX to Transfer $157M to FTX Bankruptcy Estate
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 to aid the company’s restructuring plan in compliance with a new petition seeking the return of the funds.

“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.

The company, which is the second largest crypto exchange by trading volume, said the move is part of its commitment to transparency.

OKX Plans Australia Expansion

Shortly before announcing plans to return the FTX-linked assets, OKX disclosed that it would open a regional office in Australia in the coming months to better serve its customers in the region.

The exchange announced its expansion plans at a conference held for crypto enthusiasts at the Melbourne Arts Center to celebrate ahead of the Australian Grand Prix.

The company said that some of its brand ambassadors, including Scotty James, an Olympic snowboarder, and Formula One driver Daniel Riccardo, attended the event.

OKX’s chief marketing officer Haider Rafique disclosed that the firm’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.