Leading crypto exchange, OKX. outlined plans to return frozen digital assets linked to Sam Bankman-Fried’s crypto companies, FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings.
The Seychelles-based exchange said it opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in November last year.
OKX to Transfer $157M to FTX Bankruptcy Estate
During the investigation, OKX found accounts affiliated with FTX and Alameda, which the company immediately froze to safeguard assets valued at $157 million.
OKX has now revealed its plans to unfreeze the assets and transfer them to the bankruptcy estate to aid the company’s restructuring plan in compliance with a new petition seeking the return of the funds.
“OKX welcomes the motion and will continue to cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through bankruptcy,” the exchange said.
The company, which is the second largest crypto exchange by trading volume, said the move is part of its commitment to transparency.