FTX Japan, the Japanese arm of crypto exchange FTX Trading, plans to resume withdrawals by December 31st. FTX Japan’s executive stated Monday that withdrawals are currently suspended and that they are working on a withdrawal system. FTX Accounts Drainer continues withdrawing crypto assets, siphoning off more than $600 million on Monday
CoinGape’s first post was “Just-In: FTX Japan To Resume Withdrawals This Year”

  

FTX Japan, the Japanese arm of crypto exchange FTX Trading, plans to resume withdrawals by December 31st. FTX Japan’s executive stated Monday that withdrawals are currently suspended and that they are working on a withdrawal system.
FTX Accounts Drainer continues withdrawing crypto assets, siphoning away more than $600 million in the first day. The hacker currently converts Ethereum holdings into renBTC and bridges them to Bitcoin.
Interview with FTX Japan executives: They said they are preparing a system that will allow withdrawals to be resumed by the end of this year, Japan Broadcasting Corp. reported on November 21.
Currently, withdrawals are suspended because FTX Japan uses a similar payment system to its parent company FTX. FTX filed for Chapter 11 bankruptcy. Sam Bankman-Fried, CEO of FTX, filed for bankruptcy on behalf of more than 130 companies that fall under FTX.
FTX Japan executives claim that a separate withdrawal system has been developed and that customers will be able to withdraw again by the end of the year. The Japanese arm also has deposits of 19.6 billion yen ($138m) as of November 10. However, it has yet to confirm the outflow of customer assets abroad. Japan’s Financial Services Agency ordered the exchange to cease operations on November 10.
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According to court filings, FTX owes nearly $3.1 billion to the top 50 creditors. The claim of the largest creditor is worth $226 million. Over 1 million customers were affected by the FTX crisis.

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