In a recent move, OKX, one of the leading digital asset exchange platforms, announced the transfer of substantial funds to Alameda Research.
The transfer includes approximately $60 million worth of USDT (Tether) and MASK tokens.
The transfer from OKX occurred on May 9, based on a report by crypto analytics platform, Arkham Intelligence.
This happened through a spread of 16 transactions, involving approximately $55.77 million worth of USDT (Tether) coin and approximately $1.3 million worth of Mask Network.
OKX Sends $60 Million to Alameda Per Exchange Agreement
The funds in question could be part of a concerted effort aimed at compensating customers of Alameda’s sister company FTX.
OKX, on March 30, announced It intends to refund an estimated $157 million. This amount was placed in trust for FTX and Alameda.
The cryptocurrency exchange explained that it took steps to freeze these funds in November as a security measure.
Per the same statement, FTX took legal action on March 30 to force OKEx to relinquish these funds.
The aim was to provide reimbursement to creditors, an action that OKEx said it was open to.
recovery efforts
After filing for bankruptcy and being acquired by a new managerial team, FTX and Alameda are trying hard to recover resources from the companies they previously transferred cryptocurrency to.
On March 23, FTX successfully entered into a settlement with hedge fund Modulo Capital. The agreement allowed FTX achieved $460 million that was previously invested in the fund.
On May 4th, FTX Adopted The legal action seeks to recover $4 billion, an amount that was allegedly loaned to the now-defunct cryptocurrency lending firm, Genesis Global.
In November, FTX Group, along with its approximately 130 subsidiaries, including Alameda Research, declared bankrupt,
This was followed by a liquidity crisis that plagued cryptocurrency exchanges.
Carolyn Ellison, former CEO of Alameda Research, has been implicated and charged with fraud.