FTX Japan ceases operations! Reorganization of the team has led to multiple discussions on restarting FTX Japan, with hopes of resuming operations.
In order to prevent the independently operated and solvent subsidiary FTX Japan from being affected by FTX, it was approved for sale by the bankruptcy court in January of this year. However, there has been no news on the auction process that was expected to end by the end of March, possibly because FTX Japan is planning to relaunch in the future.
Table of Contents
FTX Japan Expected to Resume Operations
Since the bankruptcy of FTX, users of FTX Japan have experienced months of asset freeze. However, under the policy protection of asset segregation and fiat custody by Japanese regulators, user funds are safe, and withdrawals have been available since February this year.
According to a Twitter post by FTX creditors, they discovered the reason why the auction process for FTX Japan was canceled. In the bankruptcy court document, relevant records indicating the potential restart of FTX Japan were found.
Now we know why the FTX Japan auction was cancelled: The exchange plans to restart. pic.twitter.com/c9QjevLRcK
— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) April 11, 2023
Based on the March salary report of John Ray, the CEO of the FTX restructuring team, which detailed his daily tasks and compensation for the month, the plan to restart FTX Japan was first mentioned in the work record on 3/6.
Furthermore, in the work records on 3/23 and 3/24, the potential for restarting FTX Japan and the necessary work guidance for the restart were mentioned.
Therefore, according to the records in this report, FTX Japan seems to have the possibility of resuming operations in the future, emerging from the clutches of SBF.
According to the latest withdrawal report from FTX Japan, approximately 23 billion yen of user assets have been withdrawn from 2/21 to 4/4, involving 9,005 individual accounts and 250 corporate accounts.
