Customers of FTX Japan Withdraw $50 Million

Key Points: At the time of writing, customers at FTX Japan (or Liquid Global) have withdrawn approximately 6.6 billion yen ($50,000,000) of cryptocurrencies and traditional currencies.
FTX Japan has just stopped operations with approximately 19.6 billion yen of liquid assets, which is close $138 million.
FTX Japan, a subsidiary to the cryptocurrency exchange FTX Japan, reported that withdrawals had been restored since February 21st. FTX Japan users of Liquid Global, a cryptocurrency exchange, have withdrawn almost 6.6 billion yen (or $50 million at the time this article was written) in cryptocurrencies as well as fiat currencies since February 21st. 7,026 account holders transferred cash to Liquid from FTX Japan, with 5,697 cryptocurrency transactions, and 1,947 individuals withdrawing Fiat currency. NHK reported that FTX Japan had 19.6 billion yen (nearly $138million) in cash at the time it stopped operations. According to NHK, FTX Japan had around 19.6 billion yen (nearly $138 million) in cash when it suspended operations. To allow users to withdraw funds, customers’ accounts balances would have to be verified and then transferred into a Liquid account. After being suspended for three months, withdrawals were resumed on February 21 at 3:00 AM UTC. The bankruptcy proceedings in the United States have prevented most FTX customers, including those at FTX US from withdrawing their assets since November. The matter is currently being heard in the United States Bankruptcy Court for the District of Delaware, where the judge has already ruled against a move to appoint an independent examiner on the grounds that doing so would be prohibitively expensive.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: FTXFTX bankruptcyFTX Japanmarketwithdrawals