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

FTX customers around the world are patiently awaiting Sam Bankman-Fried’s (SBF) legal conclusion in hopes of getting their investment back, while FTX Japan users are starting to withdraw all their funds.

On November 7, 2022, cryptocurrency exchange FTX and its subsidiaries stopped withdrawing all funds after SBF was accused of misappropriating user funds. The domino effect has forced Liquid Group, a Japanese cryptocurrency trading platform owned by FTX since February 2022, to suspend withdrawals on November 15, 2022.

But to the delight of some investors, FTX Japan resumed withdrawals on February 21st. This involved moving funds from defunct exchanges to Liquid Japan accounts. A few days later, popular Japanese cryptocurrency trader @Whiskey_bonbon_ confirmed that he had successfully withdrawn all his funds.

All payments completed!

To be honest, at first, I felt like I had given up
Everyone in FTXJP knows the part that was really a surprise, so I would like to thank them as much as possible.
Even if you still can’t withdraw money, I want you to hold on and do your best pic.twitter.com/34v7MFznLC

— Hibiki @ Trader (@Whiskey_bonbon_) February 25, 2023

Here’s a rough translation of the above tweet:

“All payments have been made! To be honest, I felt like giving up at first.

Just one day after resuming withdrawals, FTX Japan revealed that around $50 million (6.6 billion yen) had been withdrawn from Liquid Global.

A community member responded to this development with the following: !! ” Many have yet to witness the full redemption of the funds. Due to the sheer number of users affected by the FTX-SBF debacle, delays are to be expected in the refund process.

Many community members have confirmed that all the money has been paid out.

RELATED: Sam Bankman-Fried’s Attorney Requests Extension of Bail Terms Proposal

With the charges against SBF piling up, a federal judge ordered an unsealed, alternate indictment containing 12 criminal counts.

New Indictment With 12 Counts Against FTX Cryptocurrency Exchange Founder Sam Bankman-Fried Unveiled In Manhattan Federal Court https://t.co/MKmmgW7W01 pic.twitter.com/r9JVKNljDt

— Reuters Legal (@ReutersLegal) February 23, 2023

As reported by Cointelegraph, U.S. Attorney Damian Williams has charged Bankman-Fried with eight counts of fraud-related conspiracy and four counts of wire fraud and securities fraud.

SBF’s federal criminal trial is set to begin in October, while FTX’s bankruptcy proceedings are ongoing in the US Bankruptcy Court for the District of Delaware.