In a recent move, one of the leading digital asset exchange platforms, OKX, announced the transfer of substantial funds to Alameda Research.
The transfer involves $60 million worth of USDT (Tether) and MASK tokens.
Based on the report from a crypto analytics platform, Arkham Intelligence, the transfer from OKX took place on May 9.
It occurred through a spread of 16 transactions, which include about $55.77 million worth of the USDT (Tether) coin and approximately $1.3 million worth of Mask Network.
OKX Exchange Sends $60 Million To Alameda As Agreed
Alameda Research was the sister company to the Sam Bankman-Fried-led FTX exchange that crashed in 2022.
After the crash of FTX, the crypto hedge fund Alameda Research also failed and even started a series of lawsuits to gather customer funds.
A notable instance was the lawsuit against Voyager Digitals for $446 million in January 2023.
In the meantime, Alameda Research holds not less than $284 million worth of digital assets in its wallets.
The majority of these holdings are in BitDAO (BIT), USDT, Stargate Finance (STG), and Ether (ETH).
The collapse of FTX rocked the cryptocurrency community last year.
Investigations revealed a series of unauthorized transactions and misappropriation of funds on the FTX exchange.
As a result, numerous traders and investors lost significant amounts of capital.
The firm later declared bankruptcy and came under new management. Since then, FTX and Alameda have been seeking ways to retrieve funds previously sent to other digital asset firms.
The reason behind the OKX move is evident in a March 30 announcement, which revealed OKX’s statement to return around $157 million that belongs to Alameda and FTX.
The announcement also noted that FTX requested to release this amount from OKX, which the exchange agreed on.
The transfer of the $60 million in USDT and MASK tokens is a substantial sum that demonstrates OKX’s commitment to rectifying the situation.
FTX Collapse Triggered Massive Bankruptcy Proceedings For The Group
Aside from FTX, about 130 other crypto companies, including Alameda Research, also declared bankruptcy following the liquidity crisis of the exchange in November.
This widespread contagion resulted from certain fraudulent activities within FTX, which even involved external bodies like the former CEO of Alameda, Caroline Ellison.
A December 2022 report has it that she pleaded guilty to partnering with Sam Bankman-Fried to misappropriate funds that belonged to FTX customers.
As for the funds’ transfer from OKX, market observers patiently await further details and how this gesture will affect the affected creditors.
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