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
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.
Related Content
- 3AC fugitives in disarray as OPNX faces new peril: Asia Express
- July 4th Is A Reminder To Declare Monetary Independence And Protect Freedom By Using Bitcoin
- Creditors for bankrupt Voyager Digital billed $5.1M in legal fees
- Bitcoin open interest passes $15B as analyst warns of 20% BTC price dip
- What are the 3 assets most correlated with Bitcoin?
Other Questions People Ask
What was the significance of OKX sending $60M in USDT and MASK token to Alameda Research?
The transfer of $60 million in USDT and MASK tokens from OKX to Alameda Research highlights ongoing efforts to recover funds for creditors following the collapse of FTX. This transaction, which included 337.9 million MASK tokens and nearly $58 million in USDT, is part of a broader strategy by Alameda to repay its debts. The funds may have been allocated to assist in settling claims against FTX, which has been actively seeking to reclaim assets since its bankruptcy.
How did the transfer of $60M in USDT and MASK token impact Alameda Research's asset holdings?
Following the transfer of $60 million from OKX, Alameda Research's total asset holdings reportedly exceed $284 million. This includes significant amounts in USDT, BitDAO, Ether, and Stargate Finance tokens. The influx of funds could potentially enhance Alameda's liquidity as it navigates its financial recovery and attempts to repay creditors affected by its previous operations.
What actions has OKX taken regarding funds related to FTX and Alameda Research?
OKX has taken proactive measures by freezing approximately $157 million in funds that belonged to FTX and Alameda Research since November. The exchange stated its intention to return these funds as part of a recovery effort for FTX's creditors. This recent transfer of $60 million is a continuation of those efforts, indicating OKX's willingness to cooperate with the ongoing bankruptcy proceedings.
What are the implications of Alameda Research's financial situation after receiving $60M from OKX?
The receipt of $60 million from OKX may provide Alameda Research with critical liquidity as it seeks to stabilize its operations post-bankruptcy. With over $284 million in assets now, Alameda is better positioned to negotiate settlements with creditors and potentially recover additional funds from other sources. This situation underscores the complexities surrounding the financial recovery process for companies involved in the FTX collapse.
What does the transfer of $60M in USDT and MASK token reveal about the current state of the crypto market?
The transfer of $60 million from OKX to Alameda Research reflects ongoing volatility and restructuring within the crypto market following significant collapses like that of FTX. It indicates that exchanges are still navigating their roles in asset recovery while managing their own risks. Additionally, the movement of large sums between entities highlights the interconnectedness of crypto firms and the challenges they face in maintaining liquidity and trust among investors.