Regulation

FTX Japan allows total withdrawal of funds — users rejoice the ‘escape’

While FTX customers worldwide patiently await a conclusion to the FTX and Sam Bankman-Fried (SBF) litigation, users of FTX Japan have started withdrawing all of their funds.

On Nov. 7, 2022, crypto exchange FTX and its subsidiaries slowed fund withdrawals after Changpeng Zhao, the CEO of Binance, announced the crypto exchange would liquidate its substantial holdings of FTX Token (FTT). The domino effect forced Liquid Group — a Japanese crypto trading platform owned by FTX since February 2022 — to halt withdrawals on Nov. 15, 2022.

However, to some investors’ delight, FTX Japan resumed withdraws on Feb. 21 — which involved moving funds from the defunct exchange to a Liquid Japan account. Days later, a popular crypto trader from Japan, Hibiki Trader, confirmed to have successfully withdrawn all of their funds.

A rough translation of the above tweet reads:

“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 FTXJP for their efforts, as they know the part that was really overlooked.”

A day after resuming funds withdrawals, FTX Japan revealed that users withdrew roughly 6.6 billion yen ($50 million).

While a community member responded by saying, “congratulations on your escape! ! !” many are yet to witness a total redemption of their funds. The reimbursement process is expected to come with delays due to the sheer number of users impacted by the FTX collapse.

Numerous community members have confirmed that all their money has been paid out. However, the FTX investors watching from the rest of the world remain hopeful of a similar outcome.

Related: Sam Bankman-Fried’s lawyers request extension for bail condition proposal

Following the accusations against SBF, a federal judge ordered a superseding indictment unsealed containing 12 criminal counts.

As Cointelegraph reported, U.S. Attorney Damian Williams accused Bankman-Fried of eight conspiracy charges related to fraud, and four charges for wire fraud and securities fraud.

SBF’s criminal trial is due to begin in October, while FTX’s bankruptcy case is ongoing.

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