• FTX Japan has revealed plans to return customer assets as early as mid-February 2021.
• A vulnerability assessment that includes controls, reconciliation, and inspections may cause delays in withdrawing returned client assets.
• The executives of FTX and sister company Alameda, Sam Bankman-Fried, Caroline Ellison, and Gary Wong, are fighting criminal accusations in the United States.
FTX Japan recently announced plans to repay consumers by mid-February 2021. This approach has been met with enthusiasm from customers, as it indicates a positive step towards building trust and restoring customer relations.
The release of the roadmap and timeline shows that in mid-January, qualified FTX Japan customers will receive an email notification with a link to create an account at Liquid Japan. Customers with existing Liquid Japan accounts are exempt from this step. After logging in to Liquid Japan, customers will be able to view their cryptocurrency holdings and move them from FTX Japan to a different wallet.
However, the repayment process could be delayed due to a vulnerability assessment, which includes controls, reconciliation, and inspections. This is to ensure that client assets are properly tracked and accounted for.
The executives of FTX and sister company Alameda, Sam Bankman-Fried, Caroline Ellison, and Gary Wong, are also facing criminal charges in the United States. As part of the Chapter 11 bankruptcy procedure, FTX Debtors, under the leadership of the new CEO John J. Ray III, intends to repay client funds through asset sales.
The announcement of FTX Japan’s plan to return customer assets in mid-February has been welcomed with much appreciation from customers. It serves as a reminder of the importance of building trust and maintaining customer relationships in the crypto industry. FTX Japan is the second subsidiary after FTX Turkey to announce such a plan and is a positive indication of restoring investor confidence.
