FTX’s subsidiary in Japan has reported that thousands of users have moved from the exchange since it resumed withdrawals on Feb. 21.
FTX Japan said users of the exchange and those at Liquid Global had withdrawn roughly 6.6 billion yen at the time of publication in cryptocurrency and fiat. According to the crypto firm, 7,026 account holders had moved funds from FTX Japan to Liquid and there were 5,697 transactions involving cryptocurrencies and 1,947 instances of users withdrawing fiat.
The crypto firm said on Feb. 20 that in order to process withdrawals, FTX Japan users would need to confirm their account balances and transfer them to a Liquid account. Withdrawals resumed at 3:00 am UTC on Feb. 21 for the first time in more than three months.
FTX Japan had been part of its parent company’s proceeding in filing for bankruptcy in November 2022, when the firm froze assets for roughly 9 million users, removing access to millions of dollars. An NHK report at the time said that FTX Japan had roughly 19.6 billion yen in cash when it stopped operations, suggesting that there may be roughly $90 million left for users as of Feb. 22.
