According to bankruptcy lawyers working on the FTX case, $694 million in liquid assets have been identified prior to OKX’s announcement. OKX has now announced that it has identified $157 million in digital assets belonging to FTX and Alameda Research, which it will turn over to the bankruptcy estate for the former companies. However, the exchange did not specify which digital assets it had identified.
Following FTX’s collapse in November 2022, OKX conducted investigations to identify any FTX-related transactions on its exchange. After discovering assets and accounts linked to FTX and Alameda Research, the company secured the assets and froze the connected accounts. It’s worth noting that shortly after FTX’s collapse, a hacker siphoned $600 million from its wallets, leading to concerns that FTX accounts on other exchanges may have been compromised.
In early March, bankruptcy lawyers reported that the exchange had a “massive shortfall” in assets, with $694 million in the most liquid “Category A Assets” identified before OKX’s announcement. This category includes fiat, stablecoins, bitcoin, BNB, SOL, and ether.