The bankrupt subsidiary of crypto firm FTX in Japan has announced that thousands of people have moved from the exchange since withdrawals resumed on February 21.
In a February 22 announcement, FTX Japan he said users of the exchange and users of Liquid Global have withdrawn roughly 6.6 billion yen — $50 million at the time of publication — in cryptocurrency and fiat. According to the crypto firm, 7,026 account holders moved funds from FTX Japan to Liquid, and there were 5,697 cryptocurrency transactions and 1,947 cases of users choosing fiat.
In order to process withdrawals, FTX Japan users will need it, the crypto firm said on February 20 confirm your account balances and transfer them to a Liquid account. Withdrawals resumed at 12:00 JST on February 21 for the first time in over three months.
FTX Japan was part of the management of its parent company when it filed for bankruptcy in November 2022, when the firm froze assets for around 9 million users, taking away access to millions of dollars. The NHK report at the time said that FTX Japan had about ¥19.6 billion in cash — more than $138 million — when it shut down, suggesting users may have about $90 million left as of Feb. 22.
— FTX Japan (@FTX_JP) February 22, 2023
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Due to bankruptcy proceedings in the United States, most FTX users, including those in FTX US, have been unable to withdraw their assets since November. The case is moving forward in the U.S. Bankruptcy Court for the District of Delaware, in which Judge rejected the appointment proposal independent examiner with reference to associated costs.