This FTX Unit Becomes Sam Bankman-Fried's 1st Business To Return Depositor Funds

FTX Japan K.K., the Japanese subsidiary of Sam Bankman-Fried's now-defunct crypto exchange, resumed withdrawals on Tuesday — the first FTX FTT/USD group business to return customers' funds.

What Happened: According to a press release,  at noon in Tokyo on Tuesday, customers will be able to withdraw their fiat and crypto funds. 

Bankman-Fried is “happy to see that the Japanese exchange is moving forward, and continues to maintain that the US entity can and should do the same as soon as possible,” his spokesperson Mark Botnick was quoted as saying by Bloomberg News.

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FTX was thrown into disarray on Nov. 11, leaving a staggering million creditors around the world reeling from their losses and intensifying the struggles of the global cryptocurrency industry. Co-founder Bankman-Fried has pleaded not guilty to charges of fraud ahead of his scheduled US trial, but the damage left in FTX’s wake can be felt far and wide. 

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