OKX Returns USD157M In Frozen FTX And Alameda Assets
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, announced on Wednesday that it will be returning around USD 157 million in frozen assets to debtors related to FTX and Alameda Research. This decision comes in response to a motion filed in the FTX bankruptcy proceedings.
For #OKX, doing right by crypto traders & the industry is always a top priority.
We did a proactive investigation when FTX collapsed and froze all associated assets & accounts.
Today, we are turning over USD157 MN in frozen FTX & Alameda-related assets.
Details ↓
— OKX (@okx) March 29, 2023
Proactive Measures to Safeguard Assets
Following FTX’s collapse in November 2022, OKX launched investigations to determine if there were any FTX-related transactions on its platform. Upon discovering assets and accounts associated with FTX and Alameda Research, OKX took swift action to freeze the accounts and protect the assets.
OKX’s cooperation in the matter has been commended, and the company has welcomed the motion, stating that it will continue to cooperate with FTX debtors and law enforcement officials in the hopes of returning the assets to FTX users through the bankruptcy process.
OKX has been widely recognized as a leading technology company building the future of Web3. Its crypto exchange is one of the most reliable and fastest trading platforms for professional traders and investors worldwide, with more than 50 million users. Its leading self-custody solutions, including the Web3-compatible OKX Wallet, provide users with greater control over their assets while expanding access to NFT marketplaces, DEXs, DeFi, GameFi, and thousands of dApps.
Commitment to Transparency
The decision to return the assets is indicative of OKX’s commitment to transparency and its responsibility as a leading crypto exchange. This move is also likely to bolster user confidence in the platform, as well as in the wider crypto industry, where issues of security and transparency are often a concern.
The return of the assets to the FTX users through the bankruptcy process will provide much-needed relief to those impacted by the collapse of FTX. It is also a reminder that, as the crypto industry continues to grow, there is a need for greater accountability and responsibility on the part of companies operating in the space.
