OKX Sends $60M to Alameda Research
Jessie A Ellis May 11, 2023 23:16
Crypto exchange OKX sent $60M worth of digital assets to Alameda Research as part of a recovery effort to pay back customers of its sister company FTX. Alameda Research currently holds over $284M worth of assets, including USDT and ETH.
On May 9, crypto exchange OKX transferred approximately $60 million worth of digital assets to wallets associated with failed hedge fund Alameda Research. According to data from crypto analytics platform Arkham Intelligence, the funds were spread out among 16 separate transactions and included approximately 337.9 million Mask Network (MASK) tokens worth $1.3 million, as well as $57.77 million worth of the Tether (USDT) stablecoin.
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).
It is believed that the funds sent by OKX may have been part of a recovery effort to pay back customers of its sister company FTX. On March 30, OKX announced that it planned to return approximately $157 million it held on behalf of FTX and Alameda, which it had frozen in November to safeguard them. FTX had filed a motion on March 30 to force OKX to release the funds to pay back creditors, which OKX said it "welcomed."
After filing for bankruptcy and coming under new management, FTX and Alameda Research have been aggressively trying to recover funds from firms they previously sent crypto to. On March 23, FTX reached a settlement with hedge fund Modulo Capital, 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.
FTX Group and roughly 130 companies under its umbrella, including Alameda Research, filed for bankruptcy in November after the crypto exchange suffered 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. She pleaded guilty to the charges on Dec. 22. However, Bankman-Fried has pleaded not guilty and has sought to dismiss some of the charges against him.
In summary, OKX sent $60 million worth of digital assets to Alameda Research as part of a recovery effort to pay back customers of FTX. Alameda Research currently holds over $284 million worth of assets, including USDT and ETH. FTX and Alameda Research have been actively recovering funds from firms they previously sent crypto to after filing for bankruptcy in November.
Image source: Shutterstock