OKX, the second-largest crypto exchange by trading volume, transferred over $60 million worth of crypto assets to Alameda Research’s wallet in the past 24 hours.
The move comes as OKX plans to open an office in Turkey, and its native token, OKB, sees a 95% increase in trading volume in April.
Arkham Intelligence data indicates that OKX, one of the largest crypto exchange platforms and a prominent Web3 company, has sent over $60 million worth of crypto assets to Alameda Research’s wallet in the past 24 hours.
The crypto exchange completed 16 transactions, including ten deposits of $5 million USDT and 337,859 MASK (approximately $1.30 million) to the wallet of the bankrupt firm.
Alameda Research is a subsidiary of FTX, a platform for crypto derivatives that folded in November 2022. OKX had suspended $157 million in digital assets belonging to FTX and Alameda Research on its platform and promised to work with FTX debtors and law enforcement officials to return any funds associated with the firm.
OKX announced in March that it would turn over the frozen assets for the former FTX customers to the bankrupt estate. It is still being determined why OKX sent additional funds to Alameda Research this week.
OKX plans to establish a presence in Turkey
OKX has announced plans to set up an office in Turkey within the next few months, coinciding with the transfer of funds to Alameda Research. Prior to the Blockchain Economy Istanbul Summit 2023, for which OKX is the Title Sponsor and Premium Partner, the announcement was made.
OKX President Hong Fang stated that Turkey was chosen as the next target because it is a significant market:
“Opening an office in Türkiye will be a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Türkiye is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto ecosystem.”
OKX has previously engaged the Turkish market by offering direct deposits and withdrawals in TRY, the country’s official currency. In addition, it was one of the crypto platforms that delivered aid supplies to the country following February’s devastating earthquake.
OKB Token Trade Volume Increases by 95%
OKB, OKX’s native utility token, has seen its trading volume increase by 95% in April, coinciding with the announcement of OKX’s plans to establish a branch in Turkey. According to CoinMarketCap data, OKB traded for more than $1.6 billion on April 30, up from $830 million on March 31.
On the OKX platform, OKB is used for a variety of purposes, including fee discounts, staking rewards, voting rights, and access to exclusive services. The token also powers the OKChain network, enabling decentralized applications and chains’ interoperability.
This year has also seen a significant price increase for OKB. The token started the year at around $5 and, on April 30, attained an all-time high of $44. At the time of writing, OKB is trading at around $38 and has a market cap of over $7 billion.
Alameda Research’s Crypto Holdings
According to data gathered by Arkham Intelligence, Alameda Research’s wallet has received over 1 million Stargate tokens (STG) and over 5 billion units of the GPEPE meme coin from an unknown wallet within the past week.
The wallet’s largest cryptocurrency holding has a value of $61.40 million USDT. 100 million BitDAO (BIT) tokens worth $48.51 million, 19,292 Ethereum (ETH) tokens worth $26.5 million, $12.35 million USDC, 28.9 million Stargate tokens worth $18.43 million, and 16.39 million Polygon tokens worth $14.39 million were also among the firm’s top holdings.
Other assets include altcoins such as Lido (LDO), FTX Token (FTT), and Serum (SRM). Cumulatively, it holds crypto assets worth $285.86 million.
FTX Creditors Await Retrieval of Lost Funds
Creditors of FTX have continued to pursue the exchange’s assets. The bankrupt firm has taken steps to recover $3.9 billion from Genesis and has been involved in the sale of several company assets.
Moreover, FTX’s resumption of operations is the subject of heightened speculation. A recent court filing affirmed the intention to relaunch the Japanese subsidiary of FTX.
What does this mean for OKX and its users?
OKX’s transfer of funds to Alameda Research’s wallet raises concerns regarding its relationship with the defunct company and its motives for sending additional crypto assets. It is feasible that OKX is negotiating with Alameda Research or FTX creditors to settle debts or claims.
OKX’s intention to establish an office in Turkey reveals its commitment to expanding its global reach and serving a diverse customer base. The move could also boost the adoption and awareness of crypto and Web3 technologies in Turkey, which has a young and tech-savvy population.
OKB’s impressive trading volume and price performance reflect its utility and value proposition on the OKX platform. As OKX continues to innovate and build, more use cases and partnerships could benefit the token.
The crypto holdings of Alameda Research reveal its exposure to various crypto projects and tokens. The company could support or invest in new initiatives or technologies with its available funds.
As the bankruptcy proceedings continue, FTX’s creditors are still awaiting the release of their lost funds. The possibility of FTX resuming operations could provide creditors with some hope or relief, but it could also face legal opposition.
In conclusion, OKX’s transfer of funds to Alameda Research’s wallet and its intention to establish an office in Turkey are noteworthy developments for the crypto exchange and its users.
The former may have implications, while the latter may have strategic benefits. Alameda Research’s crypto holdings and FTX’s potential revival are also noteworthy topics in the crypto space.
