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FTX Japan Takes A Step Forward in Withdrawals

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FTX Japan takes a step forward in withdrawals. FTX Japan officials said the company is working to resume releases.
As of November 10, the Japanese division had invested about $138 million. The Japanese branch of the FTX cryptocurrency exchange.

FTX Japan

Trading, FTX Japan, is working to resume recovery at the end of the year. Although FTX Japan temporarily halted withdrawals, an official said on Monday that work had already begun on a new withdrawal process. In addition, FTX Account Drainer continues to transfer crypto assets from user accounts, draining nearly $600 million. According to the Japan Broadcasting Corporation on November 21, FTX Japan officials said in an interview that the company is working on ways to start removing before the end of the year.

A brief summary for investors

Since FTX Japan uses the same payment system as its parent company FTX, which has filed for Chapter 11 bankruptcy, the hiatus has temporarily stopped. FTX Chairman and CEO Sam Bankman-Fried has declared bankruptcy for more than 130 company subsidiaries. In addition, as of November 10, the Japanese branch has invested about 19.6 billion yen, or $138 million. However, it did not detect any foreign customer remittances. Also, on November 10, the exchange was ordered to be closed by the Financial Services Agency of Japan.

The top 50 creditors owe more than $3.1 billion to FTX, according to court filings. One of the creditors has a debt of $226 million. Nearly one million FTX users were affected by the outage. The FTX Accounts Drainer continues to withdraw cryptocurrency from FTX and FTX US wallets, transferring funds to Ethereum. A hacker has started trading Ethereum for renBTC, a cryptocurrency that can be converted to Bitcoin.

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