OKX just sent $60M in USDT, MASK token to Alameda Research

On May 9, crypto exchange OKX sent around $60 million worth of digital properties to wallets linked to failed hedge fund Alameda Research, according to information from crypto analytics platform Arkham Intelligence.Screenshot showing transfers from OKX to Alameda Research wallets. Source: Arkham IntelligenceThe funds were expanded among 16 separate deals and consisted of around 337.9 million Mask Network (MASK) tokens (worth $1.3 million), in addition to $57.77 million worth of the Tether (USDT) stablecoin. In the previous hour, Alameda Research wallets have actually gotten $57.77 M in USDT from OKX.Link to Arkham wallet address listed below: pic.twitter.com/9JXhH0sQnR— Arkham (@ArkhamIntel) May 9, 2023

Thank you for reading this post, don't forget to subscribe!

According to Arkham Intelligence, Alameda Research currently holds over $284 million worth of assets in its crypto wallets. Its largest holdings are USDT, BitDAO (BIT), Ether (ETH) and Stargate Finance (STG). The funds may have belonged to a recovery effort to repay customers of Alamedas sibling business, FTX. On March 30, OKX stated it planned to return roughly $157 million it held on behalf of FTX and Alameda. The crypto exchange stated it had frozen the funds in November to secure them. According to that exact same statement, FTX submitted a movement on March 30 to force OKX to launch the funds to repay lenders, which OKX said it “invited.”After stating personal bankruptcy and coming under brand-new management, FTX and Alameda have actually been strongly trying to recuperate funds from companies they previously sent crypto to. On March 23, FTX reached a settlement with hedge fund Modulo Capital, enabling it to recover $460 million previously bought the fund. On May 4, FTX filed a motion to claw back $4 billion it presumably provided to bankrupt crypto financing company Genesis Global.FTX Group and approximately 130 business under its umbrella, including Alameda Research, declared insolvency in November after the crypto exchange suffered a liquidity crisis. Alameda Researchs previous CEO, Caroline Ellison, has actually been charged with fraud for supposedly conspiring with former FTX CEO Sam Bankman-Fried to misappropriate FTX consumer funds. She pleaded guilty to the charges on Dec. 22. Nevertheless, Bankman-Fried has pleaded innocent and has actually sought to dismiss some of the charges versus him.