SNEAK PEEK
- OKX uncovers $157M of FTX and Alameda’s assets.
- FTX faced a massive asset shortfall of $694M.
- Reports claim a hacker plundered $600M from FTX’s wallets.
OKX, a popular cryptocurrency exchange based in Seychelles, recently announced that it had discovered $157 million worth of digital assets belonging to FTX and Alameda Research. The exchange has further declared that it would transfer these assets to the bankruptcy estates of the two companies.
While this news has garnered significant attention from the crypto community, the exact nature of the digital assets identified by OKX remains a mystery.
Following the collapse of FTX in November 2022, OKX purported in a press release that it conducted thorough investigations to identify any FTX-related transactions on its platform. As a result of these investigations, OKX reportedly discovered assets and accounts connected to FTX and Alameda Research.
To ensure the safety and security of these assets, the company took swift action to secure the assets and freeze the connected accounts. This prompt action protected the assets in question and ensured they were available for distribution to the bankruptcy estates of the affected companies.
Nevertheless, it was reported not long after the FTX’s demise that a hacker had plundered a staggering $600 million from the exchange’s wallets, sparking concerns that user accounts on the FTX and other exchanges had also been breached.
Adding to the woes of the beleaguered exchange, bankruptcy lawyers working on the case reported a significant shortage in assets in early March, with only $694 million in the most liquid “Category A Assets,” including fiat, stablecoins, bitcoin, BNB, SOL, and ether.
On the other hand, the recent discovery of $157 million worth of digital assets belonging to FTX and Alameda Research by Seychelles-based exchange OKX has sparked fresh hope, although it remains to be seen how this will affect the ongoing bankruptcy proceedings.
