Users of FTX Japan have begun withdrawing all of their monies as the litigation between FTX and SBF waits patiently for a resolution.
As Changpeng Zhao, the CEO of Binance, indicated the cryptocurrency exchange would liquidate its sizeable holdings of FTX Token (FTT $1.51), the crypto platform delayed fund withdrawals on November 7, 2022. On November 15, 2022, the domino effect compelled Liquid Group, a Japanese cryptocurrency trading platform controlled by FTX since February 2022, to cease withdrawals.
To the relief of some investors, FTX Japan resumed withdrawals on February 21. This involved transferring money from the shut-down exchange to an account with Liquid Japan. Days later, Hibiki Trader, a well-known cryptocurrency trader from Japan, confirmed that they had successfully withdrawn all of their funds.
This tweet’s rough translation is as follows:
“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 in FTXJP for their efforts, as they know the part that was really overlooked.”
FTX Japan reported that consumers withdrew nearly 6.6 billion yen ($50 million) a day after commencing fund withdrawals. Several people have yet to see their money completely repaid, while one member of the community congratulated them on their escape.
Due to the enormous number of consumers who were affected by the FTX collapse, delays in the refund process are anticipated. Many members of the community have attested to the fact that all of their money has been distributed.
The remainder of the world’s FTX investors, who are observing, are still optimistic about a similar result. A federal judge ordered the unsealing of a superseding indictment including 12 criminal counts after the accusations against SBF.
According to reports, Bankman-Fried was charged by U.S. Attorney Damian Williams with four counts each of wire fraud and securities fraud in addition to eight charges of fraud conspiracy.While FTX’s bankruptcy case is still pending, the criminal trial for SBF is scheduled to start in October.
