{"id":6809,"date":"2023-05-10T12:46:01","date_gmt":"2023-05-10T16:46:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/60-million-in-usdt-and-mask-token-sent-from-crypto-exchange-okx-to-alameda-research-whats-going-on\/"},"modified":"2023-05-10T12:46:02","modified_gmt":"2023-05-10T16:46:02","slug":"60-million-in-usdt-and-mask-token-sent-from-crypto-exchange-okx-to-alameda-research-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6809","title":{"rendered":"$60 Million in USDT and MASK Token Sent from Crypto Exchange OKX to Alameda Research \u2013 What’s Going On?"},"content":{"rendered":"
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In a recent move, one of the leading digital asset exchange platforms, OKX, announced the transfer of substantial funds to Alameda Research.\u00a0<\/p>\n

The transfer involves $60 million worth of USDT (Tether) and MASK tokens.<\/p>\n

Based on the report from a crypto analytics platform, Arkham Intelligence, the transfer from OKX took place on May 9.\u00a0<\/p>\n

It occurred through a spread of 16 transactions, which include about $55.77 million worth of the USDT (Tether) coin and approximately $1.3 million worth of Mask Network.\u00a0<\/p>\n

OKX Exchange Sends $60 Million To Alameda As Agreed<\/h2>\n

Alameda Research was the sister company to the Sam Bankman-Fried-led FTX exchange that crashed in 2022.\u00a0<\/p>\n

After the crash of FTX<\/u>, the crypto hedge fund Alameda Research also failed and even started a series of lawsuits to gather customer funds.\u00a0<\/p>\n

A notable instance was the lawsuit against Voyager Digitals for $446 million in January 2023.\u00a0<\/p>\n

In the meantime, Alameda Research holds not less than $284 million worth of digital assets in its wallets.\u00a0<\/p>\n

The majority of these holdings are in BitDAO (BIT), USDT, Stargate Finance (STG), and Ether (ETH).<\/p>\n

The collapse of FTX rocked the cryptocurrency community last year.\u00a0<\/p>\n

Investigations revealed a series of unauthorized transactions and misappropriation of funds on the FTX exchange.<\/p>\n

As a result, numerous traders and investors lost significant amounts of capital.<\/p>\n

The firm later declared<\/u> bankruptcy and came under new management. Since then, FTX and Alameda have been seeking ways to retrieve funds previously sent to other digital asset firms.<\/p>\n

The reason behind the OKX move is evident in a March 30 announcement<\/u>, which revealed OKX’s statement to return around $157 million that belongs to Alameda and FTX.\u00a0<\/p>\n

The announcement also noted that FTX requested to release this amount from OKX, which the exchange agreed on.<\/p>\n

The transfer of the $60 million in USDT and MASK tokens is a substantial sum that demonstrates OKX’s commitment to rectifying the situation.\u00a0<\/p>\n

FTX Collapse Triggered Massive Bankruptcy Proceedings For The Group<\/h2>\n

Aside from FTX, about 130 other crypto companies<\/u><\/a>, including Alameda Research, also declared bankruptcy following the liquidity crisis of the exchange in November.<\/p>\n

This widespread contagion resulted from certain fraudulent activities within FTX, which even involved external bodies like the former CEO of Alameda, Caroline Ellison.<\/p>\n

A December 2022 report<\/u> has it that she pleaded guilty to partnering with Sam Bankman-Fried to misappropriate funds that belonged to FTX customers.<\/p>\n

As for the funds’ transfer from OKX, market observers patiently await further details and how this gesture will affect the affected creditors.<\/p>\n<\/p><\/div>\n