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OKX to Return $157M in Frozen FTX Funds

1 min
Updated by Geraint Price
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In Brief

  • OKX will return $157 million in FTX-related assets.
  • The exchange had a team investigating whether they had custody of FTX-related assets.
  • The FTX bankruptcy team is trying to steadily claw back users' funds.
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The crypto exchange OKX has committed to cooperate and return over $157 million in frozen FTX funds to the bankruptcy team.

According to PR Newswire, OKX announced returning a total of $157 million in frozen assets to the FTX bankruptcy team. However, there are no specific details on which assets the exchange returns.

OKX Commits to Cooperate With the FTX Bankruptcy Team

After the FTX collapse, OKX has been investigating whether they had custody of FTX-related assets. The exchange discovered some funds, including assets from the account of David Ratiney, a former FTX employee.

Ratiney declared in a court filing, “From the date the OKX Account was opened through on or about Nov. 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 subsidiaries.”

OKX committed to “cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through the bankruptcy process.”

The bankruptcy team, led by John Ray III, is recovering the funds after the bankruptcy filing of the exchange. Last week, they clawed back $404 million from a Bahamas-based hedge fund, Modulo.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...