The users of FTX Japan withdrew roughly 6.6 billion yen (around $50 million) within a day of resuming withdrawals through the web platform of Liquid Global, the officially published figures revealed.

FTX Japan Users Are Rushing for Withdrawals

FTX Japan resumed withdrawals last Wednesday, more than three months after suspending all services, including deposits, withdrawals, and trading. Users of the Japanese subsidiary of the collapsed crypto exchange now need to confirm their account balances and transfer them to a Liquid account.

JUST IN: #FTX Japan announces in a press statement that they would be resuming withdrawals for fiat and crypto assets on Feb. 21, after being halted for over 4 months. pic.twitter.com/ae4Ow4nvVh

— Mr. Whale (@WhaleWire) February 20, 2023

The crypto exchange moved funds for 7,026 account holders on Wednesday, only nine hours after resuming the withdrawals. Out of the total, 5,697 transactions involved cryptocurrency withdrawals, while 1,947 were fiat withdrawals.

According to an NHK report, FTX Japan had roughly 19.6 billion yen (more than $138 million) in cash when it ceased operations in November. In addition, it had roughly 9 million users. The official numbers show that the Japanese exchange is still holding around $90 million by the end of 22 February.

FTX Japan customers need to open an account on Liquid’s web interface to process withdrawals. On top of that, Liquid Japan is a locally licensed cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term that FTX acquired last April.

The Funds of Other Subsidiaries Are Stuck in Bankruptcy Process

Once one of the largest crypto exchanges, Sam Bankman-Fried’s FTX empire collapsed last November, as FTX and its 134 global affiliates filed for bankruptcy in the United States. While FTX Japan’s customers are now allowed to withdraw their funds, the cryptocurrencies and fiats belonging to users of other FTX subsidiaries are stuck in a lengthy bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term process.

Meanwhile, FTX’s administrators are fighting to control about $3.5 billion worth of cryptocurrencies that the financial markets regulator in The Bahamas currently holds. These cryptocurrencies belong to FTX customers.

While the bankruptcy process is ongoing, the management of FTX received court permission to sell FTX Japan and three other FTX subsidiaries, CFTC-regulated derivatives exchange LedgerX LLC, the equities-trading platform Embed Technologies, and FTX Europe. All of these four entities operated independently from the tainted parent. Japan’s Kanto Local Finance Bureau suspended the local license of FTX Japan until 9 March 2023.

Bankman-Fried, once hailed as an altruistic crypto billionaire and now fortune hitting almost zero, is facing criminal charges in the United States. He pled “not guilty,” however, two of his top executives did plead guilty to the US criminal charge against them and are cooperating in the investigation against the complex FTX empire.