The funds were sent in the form of MASK and USDT tokens.
Crypto exchange OKX has transferred roughly $60 million in crypto assets to wallets linked to now-bankrupt hedge fund Alameda Research, signaling potential restitution efforts.
On May 9th, data from crypto analytics platform Arkham Intelligence revealed that OKX sent the funds in 16 separate transactions, which included around 337.9 million Mask Network (MASK) tokens (valued at $1.3 million) and $57.77 million in Tether (USDT).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Crypto Day Trading VS Swapping: What’s More Rewarding? (Animated)
It is believed that Alameda Research's crypto wallets hold more than $284 million worth of assets, with USDT, BitDAO (BIT), Ether (ETH), and Stargate Finance (STG) constituting the most significant holdings.
The transfer of funds could be linked to OKX's efforts to reimburse customers of Alameda's sister company, FTX.
At the end of March, OKX announced its intention to return approximately $157 million worth of assets held on behalf of FTX and Alameda. It is worth noting that OKX froze those funds in November for protection purposes.
According to the announcement, FTX filed a motion on the same day to compel OKX to release the funds to repay creditors, a move which OKX claimed to be "welcomed."
Following their bankruptcy declaration and change in management, FTX and Alameda have been working diligently to recover funds from previous partnerships.
In March, FTX settled with hedge fund Modulo Capital, enabling FTX to recover the $460 million invested in the fund. Additionally, FTX filed a motion on May 4th to recoup the $4 billion it allegedly loaned to the now-bankrupt crypto lender Genesis Global.
In other OKX-related news, at the end of March, the crypto exchange unveiled plans to stop offering its services to Canadian investors, citing regulatory challenges.
OKX's transfer of $60 million in crypto assets to Alameda Research highlights the ongoing efforts by FTX and Alameda to recover lost funds and make amends with affected customers.
