OKX exchange will transfer frozen assets worth $157 million to FTX managers

The platform intends to continue to cooperate with FTX creditors and law enforcement agencies

30.03.2023 - 13:00

392

1 min

OKX says it has identified $157 million in digital assets belonging to the failed FTX exchange and sister company Alameda Research, and is turning them over to the bankruptcy estate for the former companies.

The exchange did not specify what digital assets it had identified.

In the wake of FTX's November 2022 collapse, OKX said in a release it conducted investigations to identify any FTX-related transactions on its exchange, and upon discovering assets and accounts linked to FTX and Alameda Research, the company moved to secure the assets and freeze the connected accounts.

Shortly after the collapse of FTX, a hacker siphoned $600 million from its wallets, leading to fears that FTX accounts on other exchanges were compromised.

In early March, bankruptcy lawyers working on the case said the exchange has a “massive shortfall” in assets with (prior to OKX’s announcement) $694 million in the most liquid “Category A Assets” that includes fiat, stablecoins, bitcoin, BNB, SOL and ether.

This material is taken from the website https://www.coindesk.com.

Author: