• OKX announced its intent to restore frozen digital assets related to Sam Bankman-Fried’s crypto firms, FTX and Alameda Research.
• The Seychelles-based exchange has launched an inquiry into FTX to ascertain whether or not the company had traded on OKX.
• OKX has disclosed its intent to unfreeze the assets and transfer them to the bankruptcy estate in order to facilitate the company’s restructuring strategy.
OKX Plans To Return $157M Worth Of Frozen Assets
Leading cryptocurrency exchange OKX is planning to return $157 million worth of frozen digital assets linked to Sam Bankman-Fried’s crypto firms, FTX and Alameda Research. The Seychelles-based exchange has conducted an inquiry into FTX and determined that these assets should be returned as part of a restructuring strategy.
Okx Launches Inquiry Into Ftx
The decision comes after a recent petition filed in the FTX bankruptcy proceedings by OKX. The firm launched an inquiry into FTX in order to ascertain whether or not the company had traded on their platform. As a result of this investigation, they discovered $157 million worth of accounts linked to both firms which were subsequently frozen while they looked further into this matter.
Okx Decides To Unfreeze Assets And Transfer To Bankruptcy Estate
In response to this petition for the restoration of these funds, OKX have decided that it is in their best interests – and those of FTX users – for them to unfreeze these assets and transfer them over to the bankruptcy estate so that they can be used for restructuring purposes. This shows a commitment from OKX towards transparency and cooperating with law enforcement officials in order for justice to be served correctly.
Okx Announces Expansion Into Australia
Shortly before announcing plans for transferring these funds, OKX revealed intentions for expanding their operations into Australia by opening up a regional office there within the next few months at a meeting hosted by Australian Grand Prix celebrity ambassadors Scotty James and Daniel Riccardo at Melbourne Arts Centre.
Conclusion
OKEX’s dedication towards transparency is admirable as they are willing put their customers first despite potentially being out of pocket if they transferred such large sums back over without any guarantee that it would eventually get refunded by either party involved in this case. It will be interesting what other expansions occur as part of this move into Australia but we can only wait and see!