Crypto analytics platform Arkham Intelligence's data;has revealed that;the wallets connected to the bankrupt crypto exchange FTX's sister company Alameda Research recently received $60M in crypto from the Seychelles-based crypto exchange OKX.
The transfer was estimated to be a part of the efforts to recover funds to pay back FTX creditors.
- The funds were moved through 16 separate transactions.
- The $60M of digital assets included $1.3M of the Mask Network token (MASK) and $57.77M of Tether (USDT) stablecoin.
- Alameda Research's crypto wallets currently hold more than $284M of assets, with larger portions from USDT, BitDAO (BIT), Ether (ETH), and Stargate Finance (STG).
- OKX froze $157M worth of funds, which it held on behalf of FTX and Alameda Research, in November when FTX filed for;bankruptcy.&
- In late March, the exchange announced its plans to return those funds, followed by a motion filed by FTX to compel OKX;to free the funds to repay the customers.
- The bankrupt exchange also recently;filed another motion;to recover $3.9B in cash and crypto from the bankrupt crypto lender Genesis and a non-bankrupt affiliate GGC International.
- FTX, previously the third-largest crypto exchange, filed for;Chapter 11 bankruptcy;in November 2022, with all the 130 entities under the roof of FTX Group, including Alameda Research.
- The downfall followed the claims that the former;CEO;Sam Bankman-Fried (SBF) used customer funds in FTX to compensate for losses at Alameda Research.
- The bankrupt firm is also currently assessing the possibility;of relaunching the exchange and is expected to make a final decision within Q2.