Customers of FTX Japan have already begun the process of withdrawing all of their monies, while consumers of FTX all around the world calmly wait for a resolution to the legal dispute between FTX and Sam Bankman-Fried (SBF).
To the joy of a few investors, FTX Japan resumed withdrawals, which necessitated the transfer of cash from the defunct exchange to an account held by Liquid Japan. After a few days had passed, a well-known crypto trader from Japan by the name of Hibiki Trader tweeted that they had been successful in withdrawing all of their funds.
A rough translation of the tweet says:
"All payments completed! To be honest, at first, I felt like I had given up. I would like to express my gratitude to the people in FTXJP for their efforts, as they know the part that was really overlooked."
On Nov. 7, 2022, the crypto exchange FTX and its subsidiaries suspended the withdrawal of funds in response to an announcement made by Changpeng Zhao, the CEO of Binance, that the crypto exchange will liquidate its considerable holdings in FTX Token (FTT). On Nov. 15, 2022, as a result of the domino effect, the Japanese crypto trading platform Liquid Group, which has been controlled by FTX since February 2022, was forced to cease withdrawals.
Despite this, many have not yet seen a full refund of their funds. The vast amount of customers who were adversely affected by the collapse of FTX is likely to cause delays in the process of obtaining recompense.
It has been confirmed by a significant number of community members that all of their funds has been distributed. Yet, FTX investors from other parts of the world who are monitoring the situation continue to hold out hope for the same result.
One day after resuming the process of consumers withdrawing funds, FTX Japan disclosed that users had withdrawn around 6.6 billion yen ($50 million).
In response to the allegations made against SBF, a federal judge issued an order that resulted in the unsealing of a superseding indictment that contained 12 separate criminal counts.
U.S. Attorney for the District of Columbia, Damian Williams, has charged SBF with four counts of wire fraud, two counts of securities fraud, and eight counts of conspiracy to commit fraud.
The criminal prosecution against SBF is scheduled to begin in October, while the bankruptcy case against FTX is still being heard.
