Executives Sam Bankman-Fried, Caroline Ellison, and Gary Wong of cryptocurrency exchange FTX and sister company Alameda are accused of crimes in the United States. In the meantime, as part of the Chapter 11 bankruptcy procedure, FTX Debtors, led by new CEO John J. Ray III, intends to repay client monies via sale of assets.
As a result of Japanese legislation, the resources are untouched by bankruptcy, hence FTX Japan has finally disclosed plans to repay consumer monies. Client assets have already been refunded by FTX Turkey.
FTX Japan Announces Plans To Return Client Assets
The timetable and plan for refunding customer monies were disclosed in an official notification made by the cryptocurrency exchange FTX Japan on December 29. In the middle of February, users will be able to withdraw their cryptocurrency holdings on the associated exchange Liquid Japan.
The timeframe and roadmap state that in mid-January, clients who qualify for FTX Japan refunds will receive email notification with a link to create an account at Liquid Japan. Customers who have an existing Liquid Japan account are exempt from completing this step.
After that, customers can log in to Liquid Japan to view their cryptocurrency holdings and move them there from FTX Japan. However, it should be remembered that a security audit that includes controls, validation, and inspections may cause delays in the withdrawal of returned customer monies.
Customers can quickly withdraw their funds once their crypto assets have been transferred to Liquid Japan. After FTX Turkey, the Japanese subsidiary will be the second subsidiary to repay customer monies.
An executive from FTX Japan previously stated that a different withdrawal procedure is being developed to allow users to restart withdrawals before the end of this year. As of November 10, the Japanese division apparently had deposits totaling about 19.6 billion yen ($138 million).
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