Based on a Cointelegraph report, Users of FTX Japan can request withdrawals of all of their monies. At the same time, other clients throughout the world wait patiently for Sam Bankman-Fried’s (SBF) court results in the hopes of recovering their investments.
On February 23rd, U.S. Attorney Damian Williams charged Bankman-Fried with four charges concerning wire fraud and securities fraud in addition to eight conspiracy frauds. Following allegations that SBF had stolen consumers’ money, crypto exchange FTX and its affiliates stopped all fund withdrawals on November 7th, 2022. On November 15th, 2022, the domino effect compelled Liquid Group, a Japanese cryptocurrency trading platform controlled by FTX since February 2022, to cease withdrawals.
To the relief of several investors, FTX Japan started withdrawals on February 21. This included transferring money from the shut-down exchange to an account with Liquid Japan. Several days later, the well-known Japanese cryptocurrency trader @Whiskey_bonbon_ announced that they had successfully withdrawn all of their cash. However, while a community member responded to the development by saying, “Congratulations on your escape! ! !” many are yet to witness a total redemption of their funds. The reimbursement process is expected to come with delays due to the sheer number of users impacted by the FTX-SBF fiasco.
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