Yesterday, FTX Japan resumed withdrawals that necessitated the transfer of cash from the crypto exchange to an account held by Liquid Japan. This update from FTX spread little joy to several investors. While FTX investors from other countries remain hopeful of a similar event.
However, not all customers accessed their funds as many of them said that their funds are still locked out.
FTX Japan resumes withdrawals
After the recent update, the worldwide customers of FTX now patiently await a conclusion to the FTX and Sam Bankman-Fried litigation. On the other hand, the customers of FTX Japan initiated the withdrawals of all their funds.
Once, one of the top crypto exchanges which now collapsed, FTX and its subsidiaries slowed fund withdrawals on November 7th, 2022. Following that, the domino effect forced Liquid Group to halt withdrawals on November 15th, 2022. Liquid Group is a Japanese crypto-asset exchange and in February 2022 FTX acquired Liquid group of companies.
Moreover, to some investors’ delight, FTX Japan already resumed the withdrawals on February 21st that involved moving funds from the crypto exchange to a Liquid Japan account.
After some days, a popular Japanese crypto trader, Hibiki Trader, confirmed that he had successfully withdrawn all of their funds. According to his tweet, “All payments completed! To be honest, at first, I felt like I had given up. I would like to express my gratitude to the people in FTX Japan for their efforts, as they know the part that was really overlooked. Even if you haven’t withdrawn yet, please be patient.”
The next day after resuming funds withdrawals, FTX Japan revealed that the users have withdrawn around 6.6 Billion Yen or $50 Million.
In addition, one of the community members shared the response as “congratulations on your escape! ! !” And many are yet to witness a total redemption of their funds. The process of reimbursement is expected to come with delays due to the sheer number of users affected by the FTX crisis.
Still, most of the community members have confirmed that all their money has been paid out. And the FTX investors watching from the rest of the world remain hopeful of a similar event.
Furthermore, following the accusations against the Founder of FTX, Sam Bankman-Fried, a Federal Judge ordered a superseding indictment unsealed containing 12 criminal counts. The United States Attorney Damian Williams accused Bankman-Fried of eight conspiracy charges related to fraud, and four charges for wire fraud and securities fraud.
However, the criminal trial of Bankman-Fried is due to start in October, while the bankruptcy case of FTX is currently ongoing. And the FTX Founder has pleaded not guilty in any case.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/27/ftx-japan-opened-up-withdrawals-for-it-customers-in-the-region/