OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced a major development in the FTX bankruptcy proceedings. The company will release approximately $157 million in frozen assets related to FTX and Alameda Research to debtors, in response to a motion filed today.

Proactive Investigation by OKX

In November 2022, FTX suffered a major collapse, sending shockwaves throughout the crypto community. In response, OKX launched a proactive investigation to determine if there were any FTX-related transactions on its platform. The investigation uncovered assets and accounts associated with FTX and Alameda Research, prompting OKX to take swift action to freeze the accounts and safeguard the assets.

Release of Frozen Assets

Now, in response to a motion filed by debtors, OKX is releasing the frozen assets. It's a big move and shows that the crypto industry is taking read more.