As FTX clients around the world patiently await the conclusion of the litigation between FTX and Sam Bankman-Fried (SBF), FTX Japan users have started withdrawing all their funds.
On November 7, 2022, cryptocurrency exchange FTX and its affiliates slowed down the withdrawal of funds after Changpeng Zhao, the CEO of Binance, announced that the crypto exchange would liquidate its major FTX Token (FTT) holdings. The ripple effect forced Liquid Group—a Japanese cryptocurrency 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. Days later, a popular cryptocurrency trader from Japan, Hibiki Trader, confirmed that he had successfully withdrawn all his funds.
全て出金完了!
最初は正直諦めていたと言えば諦めていた気持ちもあった
FTXJPの中の方々も本当に寝耳に水だった部分を知っているので、尽力には感謝申し上げたい。
まだ出金されない方も辛抱強く頑張ってほしい pic.twitter.com/34v7MFznLC—Hibiki@Trader (@Whiskey_bonbon_) February 25, 2023
A rough translation of the above tweet reads:
“All payments completed! To be honest, I felt like I had given up at first. I would like to express my gratitude to the folks at FTXJP for their efforts, as they know the part that was really overlooked.”
One day after resuming withdrawals, FTX Japan revealed that users had withdrawn about 6.6 billion yen ($50 million)..
Although one community member responded by saying “congratulations on your escape!!!”, many have yet to witness their funds being fully refunded. The refund process is expected to experience delays due to the large number of users affected by the FTX crash.
Numerous members of the community have confirmed that they have already been paid all of their money. However, FTX investors watching from the rest of the world remain hopeful of a similar outcome.
Following the accusations against SBF, a federal judge ordered the dismissal of a superseding indictment containing 12 criminal charges..
A new superseding indictment against FTX cryptocurrency exchange founder Sam Bankman-Fried containing 12 charges was unsealed in Manhattan federal court https://t.co/MKmmgW7W01 pic.twitter.com/r9JVKNljDt
— Reuters Legal (@ReutersLegal) February 23, 2023
A new superseding indictment against cryptocurrency exchange FTX founder Sam Bankman-Fried, containing 12 counts, was unsealed in Manhattan federal court.
As Cointelegraph reported, US Attorney Damian Williams charged Bankman-Fried with eight counts of fraud-related conspiracy, and four counts of wire fraud and securities fraud..
SBF’s criminal trial is scheduled to start in October, while FTX’s bankruptcy case is ongoing.
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