The Japanese subsidiary of Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX will start returning customer assets from the middle of February, the entity said in a statement on its website.
The fallen crypto exchange owes its 50 biggest unsecured creditors globally a total of $3.1 billion.
FTX Japan said it is developing systems to enable its customers to withdraw their assets via Liquid Japan’s website, a platform it bought this year to boost its local presence. The statement laid down a three-step process to return the assets to customers, which includes opening a Liquid Japan account mid-January, followed by balance checks and the ability to withdraw in mid-February.
FTX Japan K.K. holds about $94.5 million in crypto assets and $46 million in fiat currency in designated client accounts.