OKX, a leading global cryptocurrency exchange, has identified and frozen $157 million in digital assets tied to FTX and Alameda Research. The funds will be returned to the FTX bankruptcy estate as part of ongoing efforts to compensate affected users.
Investigation Reveals Frozen Assets
During a routine investigation, OKX discovered accounts holding assets owned by FTX and Alameda. The exchange promptly froze these accounts to prevent further transactions, safeguarding $157 million in virtual assets.
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Compliance with Bankruptcy Proceedings
OKX has agreed to transfer the frozen assets to the FTX bankruptcy estate, aligning with a recent court motion seeking asset recovery.
Key details:
- Amount Frozen: $157M in virtual assets.
- Action Taken: Assets will be unfrozen and transferred to FTX’s restructuring plan.
- Statement: “OKX will cooperate with FTX debtors and law enforcement to facilitate user reimbursement.”
The exchange emphasized its commitment to transparency and regulatory compliance.
Expansion into Australia
Separately, OKX announced plans to open a regional office in Australia, targeting growth in a key crypto-adopting market.
Highlights:
- Location: Melbourne-based office.
- Strategy: Strengthen local presence and user support.
- Brand Ambassadors: Olympic snowboarder Scotty James and F1 driver Daniel Ricciardo attended the launch event.
Haider Rafique, OKX’s CMO, stated:
“Australia is a pivotal market for our global strategy. We’re investing in local operations to better serve users and drive crypto adoption.”
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FAQs
1. Why did OKX freeze FTX-linked assets?
OKX identified the funds during an internal review and froze them to prevent unauthorized transfers, adhering to legal safeguards.
2. How will the assets be returned?
The $157M will be transferred to FTX’s bankruptcy estate for redistribution to creditors.
3. What’s OKX’s role in Australia?
The new office aims to enhance customer support and compliance in a high-demand crypto market.
4. Is OKX expanding elsewhere?
While Australia is a priority, OKX continues to evaluate strategic markets for further growth.