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OKEx returns nearly $60 million to Alameda address, new OKEx ad targeting Coinbase?

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OKEx returns nearly $60 million to Alameda address, new OKEx ad targeting Coinbase?

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OKX Sends Nearly $60 Million to Alameda Address

The crypto security firm PeckShield tweeted that an address identified as Alameda received about $59 million in cryptocurrencies from OKX on May 9:

  • $57 million
  • Around $1.3 million worth of 337,859 MASK tokens

OKX Transferred $157 Million to FTX's Restructuring Team in March

At the end of March this year, OKX also announced the transfer of frozen crypto assets related to FTX and Alameda to debtors, amounting to approximately $157 million.

As of now, neither OKX nor FTX has provided an explanation for the on-chain fund transfers detected by PeckShield. It is possible that this is part of OKX's earlier statement indicating cooperation with FTX debtors and law enforcement.

OKX's New Ad Takes a Swipe at Coinbase

OKX released a new ad around 6 a.m. on May 10, emphasizing at the end of the ad: "The system doesn't need an update, it needs a rewrite."

Haider Rafique, CMO of OKX, stated:

There are two schools of thought, one that suggests updating the existing system to create a better world, and the other that believes we need a complete overhaul. Our new ad is aimed at those who believe the system needs to be redesigned for Web3. We envision a world where users have more control, more ways to trade assets, with software allowing us to be our own banks and transact without any intermediaries.

This seems to be a direct response to Coinbase's ad with the slogan "It's time for a system upgrade."

However, if, as claimed by OKX's CMO, everyone can trade without intermediaries, what role does OKX play in this scenario?