In a noteworthy development, the OKX cryptocurrency exchange has announced its decision to relinquish frozen FTX and Alameda-related assets worth around $157 million to the appropriate authorities in compliance with a motion filed during the bankruptcy proceedings.
As per the official announcement on Thursday, OKX took a proactive approach by launching investigations in the days following FTX’s downfall. The objective was to identify any FTX-linked transactions on its platform. Upon discovering accounts associated with FTX and Alameda Research, OKX promptly froze the related accounts to ensure the protection of assets.
Last November, FTX wallets were targeted by a hacker who managed to steal a staggering $600 million. This unfortunate incident raised concerns among the crypto community regarding the security of FTX accounts on other exchanges.
Legal professionals handling FTX’s bankruptcy proceedings have recently revealed a significant deficit in the exchange’s assets. The report indicates that while wallets linked to FTX accounts contain assets valued at $2.2 billion, only $694 million of these assets fall under the highly liquid Category A classification. This Category includes fiat, stablecoins, Bitcoin (BTC), and Ethereum (ETH).
The financial report reveals significant assets, including $385 million in outstanding customer bills and substantial claims against FTX’s sister company, Alameda Research, and other affiliated entities. Additionally, the presentation highlights that Alameda Research borrowed a substantial sum of $9.3 billion from FTX’s wallets and accounts. These figures demonstrate the complex financial landscape of the organization and the need for diligent management and oversight.
FTX’s US subsidiary boasts a robust financial standing, with a total asset value of $191 million. Additionally, the company holds $28 million in customer receivables and $155 million in related party receivables, further solidifying its position as a reliable and trustworthy player in the market.
