• FTX Japan stated that customers could transfer their assets to their Liquid Japan account.
  • On the other hand, FTX bankruptcy claims in the private OTC markets are going for as low as 15-20 on the dollar.
  • FTT price noted an increase of 27.95% during the intra-day trading hours before tracing back to $1.763.

FTX saga took a turn for the good on Monday after one of its bankrupt entities announced the fulfillment of its commitment from weeks ago. While the John Ray-led company is still figuring out its customers' recovery, the Japanese arm of FTX is on its way to reversing the customers' losses.

FTX Japan to initiate withdrawals

After almost three months of shutting down withdrawals, FTX Japan announced that starting Tuesday, February 21, the company will resume the service. The Japanese establishment of the bankrupt crypto exchange was among the hundreds of companies that filed for bankruptcy after FTX's collapse.

The management team of FTX Japan stated that customers would be able to withdraw their fiat and crypto assets using the platform Liquid Japan. The company announced its partnership with Liquid not too long after its bankruptcy back in November 2022

Customers are required to have a Liquid Japan account which will be used for transferring their assets out of FTX assets. This can be done after the customers confirm their balance. Although FTX Japan stated there could be some hiccups during the withdrawals thanks to a large number of requests.

On the other hand, FTX bankruptcy claims are appearing on private over-the-counter markets now. These claims are going for as low as 15 to 20 cents on the dollar. The public accounts before these also valued FTX's distressed assets at a similar price of 16 cents on the dollar.

FTT price rallies following the announcement 

FTT price reacted to the news of the resumption of withdrawals for FTX's Japan arm. The altcoin noted a sudden spike in its trading price as FTT jumped from $1.592 to breaching the $2 mark. 

FTT/USDT 1-day chart

FTT/USDT 1-day chart

Marking an almost 28% increase in price during the intra-day trading hours, the cryptocurrency nearly recovered the 25% losses from earlier this month. However, the rally was short-lived as the cryptocurrency came back down at the time of writing to trade at $1.744.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP