As FTX customers around the world wait patiently Sam Bankman-Fried (SBF) Legal conclusion Hoping to recover their investments, FTX Japan users have started withdrawing all their funds.
On November 7, 2022, crypto exchange FTX and its subsidiaries stopped all withdrawals after SBF was accused of misappropriating user funds. The domino effect forced Liquid Group, a Japanese crypto trading platform owned by FTX since February 2022, to stop withdrawals on November 15, 2022.
However, to the delight of some investors, FTX Japan resumed withdrawals on February 21, which involved moving funds from the defunct exchange to a Liquid Japan account. Days later, a popular cryptocurrency trader from Japan, @Whiskey_bonbon_, confirmed to have successfully withdrawn all the funds from him.
All payments complete!
To be honest, at first, I felt like I had given up.
I would like to express my gratitude to the folks at FTXJP for their efforts, as they know the part that was really overlooked.
Even if you haven't retired yet, be patient. pic.twitter.com/34v7MFznLCโ Hibiki๏ผ Trader (@Whiskey_bonbon_) February 25, 2023
A rough translation of the above tweet reads:
โAll payments completed! To be honest, at first, I felt like I had given up. I would like to express my gratitude to the folks at FTXJP for their efforts, as they know the part that was really overlooked."
Just one day after resuming withdrawals, FTX Japan revealed that approximately $50 million (6.6 billion yen) was withdrawn from Liquid Global.
While a community member responded to the development by saying, โCongratulations on your escape! ! !โ many have yet to witness a full redemption of their funds. The refund process is expected to be delayed due to the large number of users affected by the FTX-SBF fiasco.
Numerous members of the community have confirmed that all their money has been paid. However, FTX investors watching from the rest of the world remain hopeful of a similar outcome.
Related: Lawyers for Sam Bankman-Fried request extension of bail condition proposal
Piling on the indictments against SBF, a federal judge ordered the unsealing of a superseding indictment containing 12 criminal counts.
A new indictment against cryptocurrency exchange FTX founder Sam Bankman-Fried containing 12 counts has been unsealed in Manhattan federal court. https://t.co/MKmmgW7W01 pic.twitter.com/r9JVKNljDt
โ Reuters Legal (@ReutersLegal) February 23, 2023
As Cointelegraph reported, US Attorney Damian Williams charged Bankman-Fried with eight counts of fraud-related conspiracy, as well as four counts of wire fraud and securities fraud.
SBF's criminal trial in federal court is scheduled to begin in October, while FTX's bankruptcy case is ongoing in the US Bankruptcy Court for the District of Delaware.
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