The controversial collapse of crypto empire FTX, which was co-founded by Sam Bankman-Fried, has set the entire crypto industry back several steps after wiping out billions in client funds. With its executives currently facing criminal charges and awaiting trial, FTX Japan has revealed a timeline and roadmap for its planned return of client funds.
FTX Japan unveiled the “Guidance on Returning Assets to Clients” on Thursday, containing the timeline and a roadmap of planned activities.
“For the assets entrusted to us by our clients at FTX Japan and Liquid Japan, we are developing the system so that withdrawals and withdrawals are possible from the web version of Liquid Japan. Concretely, you will be able to consult your FTX Japan balance at from the web version of Liquid Japan, then you can cash out/withdraw,” reads an announcement.
Based on the schedule, FTX Japan plans to start withdrawing and providing services through Liquid Japan, a subsidiary of FTX.
The process begins with the company sending an email containing a link that FTX Japan customers can use to open an account with Liquid Japan. This procedure is not necessary if they already have an account with Liquid Japan.
After opening an account, customers will be able to log into Liquid Japan and check their balance and be able to transfer their assets from FTX to Liquid.
“Clients who have accounts in FTX Japan and Liquid Japan will be able to return the assets,” the announcement reads.
“Eligible customers will receive an email with information on how to open a Liquid account in mid-January. When opening an account, it may be necessary for us to verify your identity, but in In this case, we will notify you individually,” the ad noted.
FTX Japan, which had approximately $138 million in deposits as of Nov. 10, a day before FTX and more than 100 of its affiliates filed for bankruptcy, had previously said it was developing a separate withdrawal system to take over withdrawals from its customers before the end of the year. .
Bankman-Fried, the co-founder of FTX, is currently out on $250 million bail and awaiting his next trial, scheduled for January 3.
Federal Judge Ronnie Abrams withdrew from the case, citing a conflict of interest, and Judge Lewis Kaplan will now hear Bankman-Fried’s case.
Gary Wang, the co-founder of FTX, pleaded guilty to multiple criminal charges and is currently working with authorities to reduce his sentence.