• FTX Japan resumed fund withdrawals on Feb. 21, allowing users to move funds from the defunct exchange to a Liquid Japan account.
• On Feb. 25, a popular crypto trader from Japan confirmed that they had successfully withdrawn all of their funds.
• Users withdrew roughly 6.6 billion yen ($50 million) in total when FTX Japan resumed funds withdrawals.
FTX Japan Resumes Fund Withdrawals
On Nov 7th, 2022, Changpeng Zhao, the CEO of Binance announced that his company would liquidate its substantial holdings of FTX Token FTT $1.51 FTX Token -3.03%. This domino effect forced Liquid Group — a Japanese crypto trading platform owned by FTX since February 2022 — to halt withdrawals on Nov 15th, 2022.
Users Rejoice ‘Escape’
However, to some investors’ delight, FTX Japan resumed withdraws on Feb 21st — which involved moving funds from the defunct exchange to a Liquid Japan account. Days later, a popular crypto trader from Japan, Hibiki Trader, confirmed to have successfully withdrawn all of their funds with other community members receiving their funds as well.
Total Funds Withdrawn
A day after resuming funds withdrawals, FTX Japan revealed that users withdrew roughly 6.6 billion yen ($50 million). This news was welcomed by many users who were relieved and rejoiced at being able to ‘escape’ while other investors remain hopeful for similar outcomes in other countries where they have invested through FTX..
Remaining Hopeful For A Conclusion To The Litigation
While FTX customers worldwide patiently await a conclusion to the FTX and Sam Bankman-Fried (SBF) litigation , they remain hopeful for favorable outcomes in the near future..
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