FTX Japan wants to return customer assets until the end of February

FTX Japan wants to return customer assets until the end of February

The Japanese subsidiary of FTX has come closer to his goal of releasing the funds of his users.

The bankrupt company announced to the customer on Friday that they can now confirm their credit on the platform, as part of a plan to compensate customers until the end of the month.

the remuneration one step closer

In addition to displaying their credit, users were informed that they can migrate their assets on the Japanese crypto exchange platform Liquid. The company received $ 120 million from FTX after a cyber attack in 2021 and was later bought by the stock exchange in 2022.

The newly provided access is part of a timeline announced in December, which would enable the customer by the end of the month from the no longer existing exchange to take off. In a statement to Bloomberg, Seth Melamed, Chief Operating Officer from Liquid, said that the team was "confident" that "it will comply with this schedule and that the withdrawals from customers" will be resumed very soon ".

Nevertheless, it cannot open the access to user accounts until it receives the corresponding permits and sufficient data for accounting.

"Our team often works seven days a week until late at night," said Melamed. "The recovery of payments at FTX Japan in transparent, fair and accurate way was a common goal of our entire team."

The net assets of FTX Japan at the end of September amounted to around 10 billion yen ($ 74.3 million)-a mere fraction of the assets in billions in billions last month in the main branch of FTX. Court files show that at least 41 parties have expressed interest in the purchase of FTX Japan.

The FTX US debacle

The former CEO of FTX, Sam Bankman-Fried, has long claimed that FTX US is 100 % solvent and could resume withdrawals for customers immediately. According to him, the exclusively American company kept assets separately from FTX International and was therefore protected against certain accounting errors and assets that plagued the main branch.

The new CEO of FTX, John Ray, secured Such claims before the congress in December, which is separate from alameda, separately from alameda Research would be kept. Bankman-Fried was charged several times for fraud because he had mixed the assets of his stock exchange with those at the trader switch.

however FTX office of unsecved creditors unveiled in January that in January there were no customer assets of FTX US. At that time, the company had only kept $ 91 million in liquid funds in the cold store, compared to $ 181 million in identified assets.

.