thecoinrepublic.com
- 1 OKX send $60 million to Alameda Research over 16 transactions
- 2 OKX committed to returning $157 million in funds that it froze during FTX’s fall
- 3 FTX was successful in recovering $460 million from Modulo Capital it previously lent.
Arkham Intelligence, a crypto analytics platform reported that Hedge fund Almeda Research received almost $60 million worth of digital assets from Crypto Exchange OKX. It took 16 transactions by OKX to conclude the transfer. 10 transactions of $5 million each in Tether (USDT) were made and 337,859 Mask Tokens worth $1.3 million were also transferred to the failed hedge fund.
OKX’s Recovery
OKX froze almost $157 million in digital assets when the Bahamas-based crypto firm FTX fell almost 90%. As per the reports of Arkham Intelligence, over $284 million worth of digital assets is held by Almeda Research in its Crypto wallets. USDT (Tether), BitDAO, Ethereum, and Stargate Finance are its largest holdings.
The funds are a part of the recovery operation to pay the victims whose funds were lost in Almeda’s sister company, FTX’s fall. OKX has held almost $157 million in funds which it wanted to return on behalf of Almeda and FTX. Last November amidst the FTX fall OTX froze the funds in order to safeguard them.on March 30, FTX filed a motion asking OKX to return the funds to the creditors that it had held and OKX was more than happy to do it.
Ever since the new management stepped in at FTX and Almeda they’ve been trying to aggressively recover funds where they invested previously. FTX recovered $460 million from Modulo Capital where it previously invested after a settlement on 23rd March Genesis Global, a bankrupt Crypto lending firm, has received a motion against them to return the $4 billion that FTX had lent to them.
Due to the liquidity crisis, FTX group suffered in November the entire group and 130 companies that come under it filed for bankruptcy including Alameda Research. Both CEO of Alameda, Caroline Ellison, and FTX’s CEO Sam Bankman-Fried was charged with fraud for allegedly colluding with each other to misappropriateFTX Customer Funds. While Sam has been successful in pleading not guilty and dismissing a few charges against him, Caroline pleaded guilty on 22 December.
After declaring bankruptcy by FTX last year, Binance extended its financial help by acquiring FTX, its arch-rivals. Although Binance called the deal later after allegations of misappropriation of funds and bribery to the Chinese government by FTX’s ex-CEO Sam Bankman-Fried.
OKX Sponsoring Istanbul Summit
Apart from the transactions that OKX is involved in with the FTX issue, it has come to light that OKX, which is also the second largest Crypto Trading Platform has announced itself as the title sponsor for the largest Blockchain conference in Eurasia, the Blockchain Economy Istanbul Summit.
The two-day conference will take place at the Pullman Istanbul Hotel & Convention Center and will bring the biggest names from the leading Crypto and Blockchain companies together.