After several weeks of waiting, FTX customers will soon be able to withdraw money from their accounts. Indeed, according to the leaders of the Japanese division of FTX, the platform will be solvent by the end of the year. All the people who are victims of the bankruptcy of the group will then be reimbursed.
FTX Japan client assets still appear safe
FTX Japan officials say that so far the subsidiary has been using the parent company’s computer system. However, since it is currently offline, customer assets are frozen. That’s why they are creating their own system which should be up and running by the end of the year. Then, customers will be allowed to withdraw their funds. In addition, as of November 10, it claims to hold more than $138 million in cash and deposits. This is equivalent to more than 20 billion yen. But miraculously, no Japanese assets were stolen.
The Wall Street Journal reports that hackers have stolen bitcoins worth $370 million from the FTX Trading platform. Following this incident, the group’s parent company filed for bankruptcy. This was also the case for around 130 of its subsidiaries at the beginning of the month. One of these companies is the Japanese branch.
Sam Bankman-Fried apologizes
A note from the former CEO was circulating on social media a few weeks after FTX went missing. Sam Bankman-Fried declares that he would do everything to go back and change things. However, it is difficult to do worse than to play with the money of its customers in crypto exchanges. Of course, one can consider that there was a total betrayal of trust between Sam and his clients. However, this is also the case with his staff members who had bet everything on FTX.
In short, a very successful platform seems to have become a field of ruin due to the accumulation of errors. This phenomenon should remind everyone that an upheaval can happen to anyone in this ever-changing crypto universe.
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