• OKX sent $60 million in digital assets to Alameda Research wallets.
• The transfer may be part of a recovery effort to repay creditors of the failed FTX crypto exchange.
• FTX and its sister company, Alameda Research have been aggressively trying to recover funds from firms they previously sent crypto to.
OKX Sends $60 Million in Digital Assets
On May 9, crypto exchange OKX sent approximately $60 million worth of digital assets to wallets connected to failed hedge fund Alameda Research, according to data from crypto analytics platform Arkham Intelligence. These funds included 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 Holds Over $284 Million
Alameda Research currently holds over $284 million worth of assets in its crypto wallets, including USDT, BitDAO (BIT), Ether ETH and Stargate Finance (STG). The fund transfer may be part of a recovery effort to repay creditors of the failed FTX crypto exchange.
FTX Filed for Bankruptcy in November
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. Former CEO Caroline Ellison has been charged with fraud for allegedly colluding with former FTX CEO Sam Bankman-Fried to misappropriate FTX customer funds and pleaded guilty on Dec 22nd while Bankman-Fried pleaded not guilty.
FTX Seeks To Recover Funds From Other Companies
After declaring bankruptcy and coming under new management, FTX and Alameda have been aggressively trying to recover funds from firms they previously sent crypto to. On March 23rd, FTX reached a settlement with hedge fund Modulo Capital allowing it to recover $460 million previously invested in the fund while on May 4th they filed a motion to claw back $4 billion it allegedly lent bankrupted lending firm Genesis Global .
OKX’s recent transfer of digital assets is likely part of an ongoing effort by both FTx and Almeda Reasearch to recover lost funds from other companies that were owed money by them when they declared bankruptcy last year .