Home CryptocurrencyAltcoin FTX Japan allows total withdrawal of funds; users rejoice in the “escape”

FTX Japan allows total withdrawal of funds; users rejoice in the “escape”

by SuperiorInvest

While FTX customers around the world patiently wait Sam Bankman-Fried’s (SBF) legal conclusion hoping to recover their investments, FTX Japan users began withdrawing all their funds.

November 7, 2022 crypto exchange FTX and its subsidiaries have stopped all withdrawals after SBF was accused of embezzling user funds. The domino effect forced Liquid Group — a Japanese crypto trading platform owned by FTX since February 2022 — to stop withdrawals on November 15, 2022.

However, to the delight of some investors, FTX Japan resumed withdrawals on February 21 – which involved moving funds from the defunct exchange to a Liquid Japan account. A few days later, a popular crypto trader from Japan @Whiskey_bonbon_ confirmed that he had successfully withdrawn all his funds.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 at FTXJP for their efforts because they know a part that has really been overlooked.”

Just a day after resuming withdrawals, FTX Japan revealed this roughly $50 million (¥6.6 billion) was withdrawn from Liquid Global.

While a community member reacted to the development saying: “Congratulations on your escape! ! !” many are still witnessing the full repayment of their funds. The reimbursement process is expected to be delayed due to the large number of users affected by the FTX-SBF fiasco.

Many community members have confirmed that all their money has been paid out. However, FTX investors watching from the rest of the world continue to hope for a similar outcome.

Related: Sam Bankman-Fried’s lawyers are asking for a bail extension

A federal judge piled up the charges against SBF and ordered a superseding 12-count indictment unsealed.

As reported by Cointelegraph, US Attorney Damian Williams charged Bankman-Fried with eight counts of fraud-related conspiracy, as well as four counts of wire fraud and securities fraud.

SBF’s criminal trial in federal court is scheduled to begin in October, while FTX’s bankruptcy case is pending in the U.S. Bankruptcy Court for the District of Delaware.

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