Crypto-exchange OKX has announced that it is reportedly cooperating with FTX’s bankruptcy team by returning over $157 million in frozen FTX assets. The platform suffered a massive meltdown in November 2022, losing nearly $1.2 billion in one day due to forced liquidation positions. Since then, FTX’s bankruptcy team has been trying to recover users’ funds, including recovering $404 million from a Bahamas-based hedge fund.
OKX promised to “cooperate with the debtors of FTX and law enforcement authorities in hopes that these assets will eventually be returned to FTX users through the bankruptcy process. However, the company has not specified which assets it will return. Users of FTX hope that other companies and exchanges will follow OKX’s example and help with the recovery of funds.
OKX has also uncovered funds, including assets from the account of David Ratiney, a former FTX employee. Ratiney said in a court filing that “from the day the OKX Account was opened until November 10, 2022, the OKX Account, to the best of my knowledge, information and belief, was controlled and used by Alameda Research LLC and/or its affiliates.
The return of these assets is good news for FTX users who have been affected by the failure of the exchange. The bankruptcy team’s continued efforts to recover the funds raise hopes for a gradual return of FTX user holdings. However, there is still a lot of work to be done to ensure that all funds are returned.and uncertainty remains as to the nature of the assets that OKX will return to the platform.
The article OKX set to return $157 million to FTX appeared first on Corner Academy
