FTX Japan reports $50M in withdrawals since Feb. 21

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The Japanese subsidiary of bankrupt cryptocurrency firm FTX has reported that thousands of people have moved from its exchange since it resumed withdrawals on February 21.

In an announcement on February 22nd, FTX Japan announced Said Exchange users and Liquid Global users withdrew approximately ¥6.6 billion ($50 million at the time of issuance) in cryptocurrencies and fiat currencies. According to the crypto firm, 7,026 account holders moved funds from his FTX Japan to Liquid, with 5,697 of his transactions involving cryptocurrencies and 1,947 of his fiat withdrawals by users. .

The cryptocurrency company said on February 20 that in order to process withdrawals, FTX Japan users must verify their account balances and transfer money to their Liquid accounts. At 12:00 pm on February 21, withdrawals resumed for the first time in over three months.

FTX Japan was part of the parent company’s proceedings, which filed for bankruptcy in November 2022, in which the company froze the assets of nearly nine million users, removing access to millions of dollars. NHK reported that FTX Japan had about ¥19.6 billion (over $138 million) in cash when it ceased operations, giving users about $90 million as of February 22. This suggests that there may still be

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Due to bankruptcy proceedings in the US, most FTX users, including FTX US, have been unable to withdraw their assets since November. The case is pending in the U.S. Bankruptcy Court for the District of Delaware, where a judge denied a motion to appoint an independent examiner, citing the costs involved.