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

Mar 16, 2023 | wjb news

While FTX customers around the world patiently await the outcome of the FTX and Sam Bankman-Fry (SBF) lawsuits, FTX Japanese consumers are now starting to get all the money.

On November 7, 2022, after BinanceCEO Zhao Changpeng announced that the password exchange would settle many of its FTX dynamic passwords (FTT), the password exchange FTX and its subsidiaries eased the withdrawal of funds. The domino effect drove Liquid Group- 's Japanese password trading site owned by FTX to stop withdrawals on November 15, 2022.

However, to the relief of some investors, FTX Japan resumed its withdrawal on February 21st, which involved the transfer of money from a closed exchange to a current Japanese account. A few days later, Hibiki Trader, a popular login password trader from Japan, confirmed that he had successfully withdrawn all his funds.

The rough translation of the above tweet is:

"any payment has been realized! To tell you the truth, at first, I felt that I had already chosen to give up. I want to express my gratitude to the people of FTXJP for their efforts, because they know the part that is really being ignored.

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

A member of the community team responded: "Congratulations on your escape!" Many people have not seen his stock fund completely redeemed. Due to the large number of consumers affected by the collapse of FTX, it is estimated that the whole process of reimbursement will be delayed.

Many community members have confirmed that all their savings have been paid off. But FTX investors from other parts of the world are still disillusioned with similar conclusions.

After explicit charges against his SBF, a federal presiding judge issued an alternative civil indictment, including 12 criminal charges.

Us prosecutor Wilshere Jones charged Bankman-Fry with eight counts of fraud-related co-negotiation charges and four counts of telecom network fraud and securities fraud, according to Cointelegraph.

The criminal trial of SBF will be gradual in October, while the bankruptcy case of FTX is still under way.