$50 Million Has Been Withdrawn By FTX Japan Customers 

Key Points:
  • At the time of writing, customers of FTX Japan and Liquid Global have withdrawn about 6.6 billion yen ($50 million) worth of cryptocurrencies and traditional currency.
  • FTX Japan just ceased operations with around 19.6 billion yen in liquid assets, which is close to $138 million.
On February 24, FTX Japan, a subsidiary of the cryptocurrency exchange FTX in Japan, reported on February 22nd that withdrawals have been restored from February 21st.
$50 Million Has Been Withdrawn By FTX Japan Customers 

FTX Japan users of the cryptocurrency exchange, Liquid Global, have withdrawn nearly 6.6 billion yen ($50 million at the time of writing) in cryptocurrencies and fiat currencies since withdrawals started on February 21. 7,026 account holders transferred cash from FTX Japan to Liquid, with 5,697 cryptocurrency transactions and 1,947 individuals withdrawing fiat currency. According to an NHK article at the time, FTX Japan had around 19.6 billion yen (nearly $138 million) in cash when it suspended operations. This implies that as of February 22, consumers may have around $90 million remaining.

$50 Million Has Been Withdrawn By FTX Japan Customers 

The cryptocurrency company said on the 20th of February that in order for FTX Japan users to be able to withdraw funds, the customers’ account balances would need to be verified and then transferred to a Liquid account. On February 21, around three o’clock in the morning UTC, withdrawals resumed after being suspended for more than three months.

In November 2022, FTX Japan was involved in the bankruptcy case of its parent business. Since November, the majority of FTX consumers, including those at FTX US, have been unable to withdraw their assets because of the bankruptcy processes that have been going on in the United States. The matter is currently being heard in the United States Bankruptcy Court for the District of Delaware, where the judge has already ruled against a move to appoint an independent examiner on the grounds that doing so would be prohibitively expensive.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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