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

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

The cryptocurrency exchange OKX has promised to cooperate with the bankruptcy team and return over $157 million in frozen FTX and Alameda assets.

After the collapse of FTX, OKX has been investigating whether they had any custody of FTX-related assets. During the research, the exchange discovered some funds, including assets from David Ratiney, a former FTX employee. 

In a court filing, Ratiney stated:

“From the date, the OKX Account was opened through on or about Nov. 10, 2022, the OKX Account, to the best of my knowledge, information, and belief, was controlled and used by Alameda Research LLC and/or its subsidiaries.”

Moreover, the exchange promised 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.”

OKX Plans

Recently, the exchange announced that it would apply for the Virtual Assets Service Provider (VASP) license in Hong Kong. The exchange plans to launch two branches which will focus on brokerage licenses and applications.

Not long after, the cryptocurrency exchange announced that it was planning to expand and open a regional office in Australia. 

OKX’s CMO, Haider Rafique, said that the expansion 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.”