Summary:
- Wallets controlled by Alameda Research received millions of Tether’s stablecoin USDT and MASK tokens from OKX on Tuesday.
- The wallets in question are in full control of the FTX Bankruptcy Estate that took over November’s crash.
- FTX’s meteoritic crash grew into a legal saga with criminal charges and multi-million bail bonds as federal prosecutors argue one of America’s biggest fraud cases.
Wallets controlled by Alameda Research received millions of Tether’s stablecoin USDT and MASK tokens from OKX on Tuesday. Alameda wallets saw $57 million in USDT inflows coupled with $300,000 worth of Mask tokens, per on-chain data cited by Peckshield.
The wallets in question are completely controlled by the FTX Bankruptcy Estate, led by bankruptcy CEO John Ray III who took over after November’s crash, and holds over $240 million in cryptocurrencies.
Missing Funds From FTX/Alameda’s Empire
Shortly after the collapse of FTX, a hacker looted nearly $600 million from its wallets fueling fears that FTX accounts on other exchanges were compromised. This led to the investigations carried out by crypto exchanges and trading venues to protect users and restore trust.
OKX, one of the biggest centralized crypto exchanges by trading volume, and a leading Web3 technology company, recently announced that it conducted investigations to identify any FTX-related transactions on its exchange. The platform froze $157 million in digital assets belonging to FTX and its sister company Alameda Research before turning over the assets to the Bankruptcy Estate.
OKX has now returned over $210 million to the failed crypto exchange and its affiliates.
The FTX Bankruptcy Estate continues to hunt down missing funds and consolidate accounts managed by Sam Bankman-Fried and his associates.
Criminal Charges
Sam Bankman-Fried, founder of FTX and Alameda Research, stares down the barrel of America’s biggest fraud case. “Not guilty” SBF pleaded to all 13 criminal charges even as his colleagues like former Alameda CEO Caroline Elisson and former FTX Engineering Chief Nishad Singh negotiate plea deals with prosecutors.
Bankman-Fried’s lawyers moved to throw out the case, arguing to the court that charges should be civil and not criminal.
Rather than wait for traditional civil and regulatory processes following their ordinary course to address the situation, the Government jumped in with both feet, improperly seeking to turn these civil and regulatory issues into federal crimes.
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