OKX Hands Over $157M in Frozen FTX Assets to Aid Debtors

Crypto exchange OKX made headlines today, announcing it’s handing over roughly $157 million in frozen assets tied to the collapsed FTX and its sister firm, Alameda Research, to help FTX’s debtors. The move came in a March 29 press release responding to a motion filed in FTX’s ongoing bankruptcy proceedings.

Back in November 2022, as FTX teetered on the brink of collapse, OKX didn’t sit idle. The exchange launched its own probe to sniff out any FTX-related activity on its platform. When it uncovered accounts and assets linked to FTX and Alameda, OKX acted fast, freezing them to keep the funds safe.

Now, they’re turning those assets over, hoping they’ll eventually find their way back to FTX customers through the bankruptcy process. OKX says it’s committed to sticking with FTX’s debtors and law enforcement to make that happen.

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

With U.S. regulators turning up the heat on crypto, OKX is doubling down on transparency. The exchange already drops its proof-of-reserves report monthly and is laser-focused on staying secure and open with authorities. This move isn’t just about cleaning up FTX’s mess—it’s a signal OKX is playing by the rules in a tougher regulatory climate.