FTX Group and Alameda Research Recover Crypto Assets
After filing for bankruptcy and coming under new management, FTX Group and its affiliated companies, including Alameda Research, have been actively trying to recover funds from firms they previously sent crypto to.
FTX reached a settlement with hedge fund Modulo Capital on March 23, allowing it to recover $460 million previously invested in the fund. On May 4, FTX filed a motion to claw back $4 billion it allegedly lent to bankrupt crypto lending firm Genesis Global.
Meanwhile, Alameda Research recently received approximately $60 million worth of digital assets from OKX as part of a recovery effort to pay back customers of FTX. According to data from crypto analytics platform Arkham Intelligence, the funds included Mask Network (MASK) tokens and the Tether (USDT) stablecoin, and were spread out among 16 separate transactions.
Alameda Research currently holds over $284 million worth of assets in its crypto wallets, with its largest holdings being USDT, BitDAO (BIT), Ether (ETH), and Stargate Finance (STG).
FTX and Alameda Research's recovery efforts come after a tumultuous period that saw the companies file for bankruptcy in November following a liquidity crisis. Alameda Research's former CEO, Caroline Ellison, has been charged with fraud for allegedly colluding with former FTX CEO Sam Bankman-Fried to misappropriate FTX customer funds.
In summary, FTX Group and Alameda Research are making progress in recovering lost crypto assets, with FTX reaching a settlement with Modulo Capital and seeking to claw back funds from Genesis Global, while Alameda Research received $60M from OKX in a recovery effort. The recovery efforts come after FTX Group and its affiliated companies filed for bankruptcy in November following a liquidity crisis.