Main crypto trade, OKX. outlined plans to return frozen digital property linked to Sam Bankman-Fried’s crypto firms, FTX and Alameda Analysis, following a latest movement filed within the FTX chapter proceedings.
The Seychelles-based trade stated it opened an investigation into FTX to find out whether or not the agency had performed enterprise on OKX earlier than its demise in November final 12 months.
OKX to Switch $157M to FTX Chapter Property
In the course of the investigation, OKX discovered accounts affiliated with FTX and Alameda, which the corporate instantly froze to safeguard property valued at $157 million.
OKX has now revealed its plans to unfreeze the property and switch them to the chapter property to assist the corporate’s restructuring plan in compliance with a brand new petition in search of the return of the funds.
“OKX welcomes the movement and can proceed to cooperate with the FTX debtors and regulation enforcement officers within the hope that these property will ultimately be returned to FTX customers via chapter,” the trade stated.
The corporate, which is the second largest crypto trade by buying and selling quantity, stated the transfer is a part of its dedication to transparency.
OKX Plans Australia Enlargement
Shortly earlier than saying plans to return the FTX-linked property, OKX disclosed that it will open a regional workplace in Australia within the coming months to higher serve its prospects within the area.
The trade introduced its enlargement plans at a convention held for crypto fanatics on the Melbourne Arts Heart to rejoice forward of the Australian Grand Prix.
The corporate stated that a few of its model ambassadors, together with Scotty James, an Olympic snowboarder, and Formulation One driver Daniel Riccardo, attended the occasion.
OKX’s chief advertising and marketing officer Haider Rafique disclosed that the agency’s choice to launch an official workplace in Australia is a part of its technique to change into the world’s main digital property service supplier.
“We see Australia as an indispensable a part of this technique and a key progress market. With such a robust uptake of crypto in Australia already, we’re dedicated to the native market and intention to construct a robust native workplace,” he stated.
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