In a shocking turn, Seychelles-based virtual currency exchange OKX has recently unearthed $157 million in online holdings owned by prominent firms FTX and Alameda Research. As a result of the discovery, OKX has pledged to transfer the assets to the insolvency estates of the two companies, signaling a potential end to their financial woes.
Although OKX’s revelation of $157 million worth of digital assets belonging to FTX and Alameda Research has caused a stir in the cryptocurrency industry, the specific type and origin have not yet been disclosed. Moreover, the lack of transparency surrounding the assets has left many puzzled and speculating about the possible reasons behind their concealment.
OKX Launches Probe to Expose FTX Connection
In the aftermath of FTX’s downfall last year, OKX issued a press release claiming it had launched a comprehensive probe into its platform to pinpoint any transactions linked to FTX. As per the findings of this investigation, OKX unearthed accounts and assets linked to not only FTX but also Alameda Research.
Consequently, OKX acted swiftly to safeguard the digital assets and secure the associated accounts, guaranteeing their protection from potential theft or misuse. By taking prompt action, the company could prevent any further unauthorized access to the assets and maintain their integrity for eventual transfer to the bankruptcy estates of FTX and Alameda Research.
Reports emerge indicating $600M of FTX hacked
Nevertheless, following the collapse of FTX, reports emerged of a massive hack that resulted in the theft of $600M from the exchange’s wallets. The news sent shockwaves through the cryptocurrency community, with fears that other exchanges and user accounts may have also been compromised. However, the extent of the breach and the hackers’ identity remain unclear, highlighting the pressing need for improved security measures in the industry.
As if things weren’t bad enough for the struggling exchange, bankruptcy lawyers involved in the case have revealed a new setback. According to reports from early March, there is a significant shortage of assets, with only $694 million among the most volatile”Category A Assets” available. These include widely-used cryptocurrencies like bitcoin, ether, stablecoins, and fiat currency.
On the other hand, the discovery of $157 million worth of digital assets belonging to FTX and Alameda Research by OKX has instilled a sense of optimism among investors. Nonetheless, this revelation’s potential impact on the two companies’ ongoing bankruptcy proceedings remains uncertain.
The post Seychelles OKX exposes $157M crypto embezzlement case appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/seychelles-okx-exposes-157m-crypto-embezzlement-case/
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