OKX eyes Australia expansion as it returns bankrupt FTX’s $157M


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Crypto exchange OKX has announced that it will return $157 million in frozen assets from bankrupt crypto firms FTX and Alameda Research.

March 29th statement, OKX noted that the funds were seized in November 2022 after FTX collapsed. According to the exchange, initial investigations have revealed the existence of assets and accounts linked to the failed crypto empire.

“We have frozen the relevant accounts and taken immediate steps to protect our assets,” it added.

OKX did not provide detailed information about the types of assets returned.

Over $600 million was hacked after the FTX demise.His ZachXBT of on-chain investigation reported that the attacker transferred his $4.1 million in Bitcoin (BTC) to OKX through his ChipMixer — OKX later announced You have frozen this account. It is unclear if these frozen assets were part of the assets returned to FTX.

FTX management has confirmed that the bankrupt company is severely underfunded. As of January, court documents showed that the bankrupt company owed customers a total of $8.7 billion.

OKX expansion plans continue

Meanwhile, OKX announced that it will soon open an office in Australia, according to information on March 30. statement.

The exchange has not given a clear timeline for when it plans to open its offices.

Haider Rafik, Chief Marketing Officer of OKX said:

“We see Australia as an integral part of this strategy and as a key growth market. With cryptocurrency already so strong in Australia, we are empowering the local market. We are aiming to build a strong local office.”

OKX added that Australia will play a key role in its growth.

Australia is one of several countries pushing crypto regulation. The country’s finance minister, Stephen Jones, has argued that crypto assets should be regulated as financial instruments.

Meanwhile, OKX’s recent move is part of its current global expansion effort. The exchange already offers services in over 100 countries and recently announced its intention to apply as a Virtual Asset Service Provider (VASP) in Hong Kong.

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