• 13 July, 2024
News

OKX’s Positive Move: Crypto Exchange to Return $157M in Frozen FTX Funds

OKX, one of the world’s top crypto exchanges by trading volume, announced today that it will return approximately $157 million in frozen assets related to FTX and Alameda Research. This move comes in response to a motion filed by FTX debtors in the FTX bankruptcy proceedings.

The funds were frozen by OKX in the days surrounding FTX’s collapse in November 2022, after the exchange initiated investigations to determine whether there had been any FTX-related transactions on its platform. Upon discovering assets and accounts associated with FTX and Alameda Research, OKX immediately took action to freeze the associated accounts and safeguard the assets.

OKX welcomes the motion and will 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. This decision is a positive move that showcases the exchange’s commitment to the industry and its customers.

Haider Rafique, the chief marketing officer of OKX, expressed his belief that the move will have a positive impact on the industry. He said, “We believe that this decision will help to restore faith in the industry and its participants. At OKX, we are committed to the principles of transparency and accountability, and we will continue to work towards promoting a fair and open crypto ecosystem.”

In related news, OKX has announced plans to expand its crypto services to Australia, citing the country as a key growth market for the firm. Haider Rafique explained that Australians show a “huge appetite” for exploring crypto as an investment vehicle and for trading.

He believes that Australians are ahead of the curve in terms of crypto education, which will make OKX’s move into the market all the more smoothly. The exchange already provides services to over 100 countries and aims to build a strong local office in Australia.

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