While FTX users worldwide anxiously await whether they will ever get their money back, this is certainly the case for FTX users in Japan. Users of FTX Japan have started withdrawing the assets that were previously tied up on the crypto exchange. Investors in other countries continue to hope for such an outcome.
Japanese are lucky
The ability for Japanese users to withdraw their assets from the fallen exchange has to do with the Liquid Group platform. This is a crypto trading company owned by FTX Japan. The Japanese branch managed to move assets from FTX Japan to Liquid Japan accounts. A well-known Japanese crypto trader confirms that he has gained access to his assets in this way.
“All transactions were successful! Honestly, I had already given up. I want to express my gratitude to the people of FTX Japan for all the effort.”
According to the Japanese crypto trader. As of February 21, FTX Japan will allow withdrawals. So far, more than $50 million in previously tied up assets have been withdrawn.
Not all users of FTX Japan have their assets back yet. The amount of users waiting for their assets is so large that it will most likely take a while for everyone to complete the recordings. FTX users worldwide are closely following developments in Japan and hope for a similar outcome in other countries.
The FTX fiasco
FTX fell through in November 2022 when it came out that users’ credits were being cheated. Customer credits were, among other things, used unlawfully for speculating in the crypto market.
Former FTX CEO Sam Bankman-Fried (SBF) will face trial in US court in October. He is charged with fraud and other financial offenses, among other things. Currently, SBF is out on bail, and lives with his parents in California. To date, SBF maintains his innocence.