$60 Million in USDT and MASK Token Sent from Crypto Exchange OKX to Alameda Research – What’s Going On?

Last updated:
Author
Yuri Molchan
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Adobe / Dennis

In a recent move, one of the leading digital asset exchange platforms, OKX, announced the transfer of substantial funds to Alameda Research. 

The transfer involves around $60 million worth of USDT (Tether) and MASK tokens.

Based on the report from a crypto analytics platform, Arkham Intelligence, the transfer from OKX took place on May 9. 

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. 

OKX Exchange Sends $60 Million To Alameda As Agreed

The funds in question may have been part of a concerted effort aimed at compensating the clientele of FTX, the sister company of Alameda. 

OKX, on March 30, announced its intent to return an estimated sum of $157 million. This sum had been held in trust for FTX and Alameda. 

The cryptocurrency exchange explained that it had taken steps to freeze these funds in November as a measure of protection. 

FTX, according to the same statement, made a legal move on March 30 to compel OKX to relinquish these funds. 

The aim of this was to provide reimbursement to creditors, an action that OKX stated it was open to.

Efforts to Recover Funds

Subsequent to filing for bankruptcy and being taken over by a new managerial team, FTX and Alameda have been tenaciously striving to recover resources from companies to which they previously transferred cryptocurrency. 

On the 23rd of March, FTX successfully negotiated a settlement with Modulo Capital, a hedge fund. This agreement allowed FTX to regain $460 million that had formerly been invested in the fund. 

On the 4th of May, FTX pursued legal action to reclaim $4 billion, a sum it reportedly loaned to the now bankrupt cryptocurrency lending firm, Genesis Global.

In November, FTX Group, alongside approximately 130 of its subsidiary companies, including Alameda Research, declared bankruptcy

This followed a liquidity crisis that plagued the cryptocurrency exchange. 

Caroline Ellison, the ex-CEO of Alameda Research, has been implicated and charged with fraud.

More Articles

Blockchain News
Crypto VC Funding in 2024 Failed to Accelerate Despite Trump-Fueled Price Rally
Shalini Nagarajan
Shalini Nagarajan
2025-02-11 04:29:07
Blockchain News
Ukraine Gov’t Aims to ‘Legalize Crypto’ by Summer This Year – Senior Lawmaker
Tim Alper
Tim Alper
2025-02-11 04:20:40
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors