On May 9, crypto exchange OKX sent roughly $60 million worth of digital assets to wallets linked to failed hedge fund Alameda Research, according to data from crypto analytics platform Arkham Intelligence. Spread over 16 separate transactions, the funds included approximately 337.9 million Mask Network ( MASK) tokens worth $1.3 million, and $57.77 million worth of Tether stablecoins. Alameda Research currently holds over $284 million worth of assets in its crypto wallets, according to Arkham Intelligence. Its largest holdings are USDT, BitDAO (BIT) , Ether and Stargate Financial (STG).
The funds may be part of recovery efforts to reimburse clients of Alameda's sister company, FTX. On March 30, OKX said it planned to return about $157 million it held on behalf of FTX and Alameda. The cryptocurrency exchange said it had frozen the f unds in November to protect them. According to the same announcement, FTX filed a motion on March 30 asking OKX to release funds to repay creditors, which OKX “welcomes.”
After declaring bankruptcy and coming under new administration, FTX and Alameda have been actively trying to recover funds from the companies they previously sent cryptocurrencies to. On March 23, FTX reached a settlement with hedge fund Modulo Capital, allowing it to recover $4 60 million it had previously invested in the fund. On May 4, FTX filed a motion to recover $4 billion it allegedly lent to bankrupt cryptocurrency lending firm Genesis Global. FTX Group and about 130 of its companies, including Alameda Research, filed for bankruptcy in November after cryptocurrency exchanges suffered a liquidity crisis. Former Alameda Research CEO Caroline Ellison has been charged with fraud for allegedly colluding with former FTX CEO Sam Bankman-Fried to misappropriate FTX client funds. She pleaded guilty to the charges on December 22. However,Bankman-Fried has pleaded not guilty and is seeking to have some of the charges against him dropped.
