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FTX Japan Allows Full Withdrawal of Funds – Users Rejoice in “Escape”

Published on

February 26, 2023
Read Time:2 Minute, 13 Second

Whereas FTX clients worldwide patiently await a conclusion to the authorized dispute between FTX and Sam Bankman-Fried (SBF), FTX Japan customers have began withdrawing all their funds.

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

However, to the delight of some investors, FTX Japan resumed withdrawals on February 21 - meaning funds were moved from the defunct exchange to a Liquid Japan account. Days later, a popular crypto trader from Japan, Hibiki Trader, confirmed that he had successfully withdrawn all of his funds.

All payments completed!

To be honest, at first I felt like I had given up
I would like to give my thanks to the folks at FTXJP for their efforts as they know the part that has really been overlooked.
Even if you haven't withdrawn yet, please be patient.
pic.twitter.com/34v7MFznLC

— Hibiki@Service provider (@Whiskey_bonbon_) February 25, 2023

A tough translation of the above tweet reads:

"All funds accomplished! To be trustworthy, at first I felt like I had given up. I need to say thanks to the parents at FTXJP for his or her efforts as they know the half that has actually been ignored.”

A day after money withdrawals resumed, FTX Japan introduced that customers had withdrawn round 6.6 billion yen ($50 million).

Whereas one group member replied: "Congratulations in your escape! ! !” Many are but to see a full compensation of their funds. The refund course of is anticipated to expertise delays as a result of sheer variety of customers affected by the FTX collapse.

Quite a few group members have confirmed that each one of their cash has been paid out. Nevertheless, FTX traders from the remainder of the world proceed to hope for the same final result.

Associated: Sam Bankman-Fried's attorneys are in search of an extension of bail situation proposal

Following the allegations towards SBF, a federal decide ordered an unsealed substitute indictment containing 12 counts.

A brand new 12-count indictment towards FTX cryptocurrency change founder Sam Bankman-Fried has been unsealed in federal court docket in Manhattan https://t.co/MKmmgW7W01 pic.twitter.com/r9JVKNljDt

– Reuters Authorized (@ReutersLegal) February 23, 2023

As Cointelegraph reported, U.S. Lawyer Damian Williams charged Bankman-Fried with eight counts of conspiracy fraud and 4 counts of wire fraud and securities fraud.

SBF's legal trial is scheduled to start in October whereas FTX's chapter proceedings are pending.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 26, 2023
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