OKX Palms Over FTX Frozen Property Price $157M to Related Authorities

• OKX returns $157 million in frozen FTX and Alameda-related property.
• Chapter attorneys mentioned FTX had an enormous asset shortfall.
• Of property value $2.2B, solely $694 million represent probably the most liquid, like BTC.

In an thrilling flip of occasions, the OKX crypto change mentioned it’s handing over roughly $157 million in frozen FTX and Alameda-related property to the related authorities — in response to a movement filed within the chapter proceedings.

In keeping with the official assertion on Thursday, OKX claimed to have proactively initiated investigations within the days surrounding FTX’s collapse to find out whether or not there have been any FTX-related transactions on its platform. Upon discovering accounts associated to FTX and Alameda Analysis, OKX instantly froze the related accounts to safeguard the property.

Notably, a hacker stole $600 million from FTX wallets shortly after it went out of enterprise final November. The incident made crypto fans fear that FTX accounts on different exchanges may also have been compromised.

Earlier this month, chapter attorneys engaged on FTX’s case mentioned the failed change had an enormous asset shortfall. In keeping with the report, property value $2.2 billion have been recognized within the wallets of the accounts related to FTX. Nonetheless, solely $694 million represent probably the most liquid Class A property, which embrace fiat, stablecoins, Bitcoin (BTC), and Ethereum (ETH).

Different property included $385 million in unpaid buyer payments and substantial claims towards FTX’s sister firm, Alameda Analysis, and different associated events. The presentation additionally exhibits that Alameda borrowed $9.3 billion from the wallets and accounts of FTX.

Equally, FTX’s US subsidiary had $191 million in whole property along with $28 million in buyer receivables and $155 million in associated get together receivables.