7,026 FTX Japan account users transferred money from the company to Liquid Global, which was necessary in order to withdraw assets, according to the cryptocurrency exchange.
The Japanese unit of the bankrupt cryptocurrency company FTX claims that thousands of users have abandoned the exchange since withdrawals were allowed again on February 21.
FTX Japan
Users of FTX Japan and Liquid Global withdrew over 6.6 billion yen ($50 million at the time of writing) in bitcoin and fiat, according to a Feb. 22 release from FTX Japan.
The cryptocurrency company claims that 7,026 account holders transferred money from FTX Japan to Liquid and that there were 1,947 instances of individuals withdrawing cash and 5,697 transactions involving cryptocurrencies.
- 7,026 FTX Japan account users transferred money to Liquid Global.
- Users of FTX Japan and Liquid Global withdrew over 6.6 billion yen in bitcoin and fiat.
- The corporation had frozen the assets of about 9 million members, denying them access to millions of dollars.
The cryptocurrency company announced on February 20 that FTX Japan users would need to confirm their account balances and transfer them to a Liquid account in order to conduct withdrawals.
On February 21, at 3 a.m. UTC, withdrawals started again after a break of more than three months. When FTX Japan’s parent business filed for bankruptcy in November 2022, it included FTX Japan in the process.
At that time, the corporation had frozen the assets of about 9 million members, denying them access to millions of dollars. According to an NHK story from the time, FTX Japan had approximately 19.6 billion yen in cash when it suspended operations, which is more than $138 million.
This suggests that as of Feb. 22, there may have been about $90 million left over for consumers. Most FTX users, including those at FTX US, have been unable to withdraw their assets since November due to bankruptcy proceedings in the United States.
The U.S. Bankruptcy Court for the District of Delaware is currently hearing the case, and the judge has rejected a motion to appoint an independent examiner due to the expense.
