According to OKX’s press release, “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 the bankruptcy process.”
Crypto exchange OKX announced that it will return $157M worth of frozen digital assets belonging to FTX and its subsidiary, Alameda Research.
In a recent court filing, FTX and Alameda claimed that OKX (or Aux Cayes Fintech Co. Ltd) was in possession of crypto assets owned by Alameda’s clients. As a result, the bankrupt firms requested OKX to transfer these assets to certain digital wallets designated by FTX within seven days.
OKX responded to FTX's claims by agreeing to return these assets to FTX’s users.
In its press release, OKX revealed that it carried out an investigation to detect accounts associated with FTX after the latter’s collapse in November 2022. OKX claimed that it froze the accounts flagged by its investigation to protect user assets.
However, OKX has yet to reveal the names of the crypto assets held in FTX's accounts.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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