Users of the now-defunct crypto platform are reborn at the FTX

Users of the now-defunct crypto platform are reborn at the FTX ...

News JVTech FTX: Users of the no longer used crypto platform have hope reborn.

Published on 02/21/2023 at 18:20

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The second platform for buying and selling cryptocurrencies collapsed in about four months, leaving its users on the straw. Most of them never expected to ever see their cryptocurrency again... FTX recently announced good news for old users in this country.

The FTX refunds the cryptos of Japanese users.

The FTX crypto platform was forced to declare bankruptcy last November and suspend payments from its users in a host of countries, including Japan.

Due to the sheer volume of money at stake at the time, this event had shaken up the crypto industry. In November, a court filing claimed a debt of several billion euros against some 9 million professional and private users.

While a majority of them did not wish to get their cryptocurrency funds back blocked on the platform, today some users are finding hope. For good reason, the Japanese subsidiary of the crypto exchange has just announced that its customers would soon be able to withdraw their money in crypto or fiat currencies (euro, dollar, etc.).

According to FTX's announcement, these users will be able to withdraw their cryptos from the platform starting on January 21st.

To be reimbursed, Japanese users will need to pay their balances to Liquid Japan, a Japanese crypto exchange owned by FTX. However, the refund procedure may take a while due to the circumstances.

This fantastic news inexorably rekindles the confidence of users around the world that they might one day see all or part of their coins stolen by this story.

Is it possible to get a full refund on FTX?

Following a massive hack, FTX was not the first platform to suffer this fate. Customers received 140,000 BTC compensation, out of the 850,000 BTC that they initially lost. Therefore, FTX customers are quite averse to reviewing all of their funds in a single day.

The FTX's first refund attempt in Japan is the start of a long-running process. Indeed, we know that FTX has owed around 3 billion euros to 50 of its biggest creditors. The Drama was too costly for many IT giants such as Apple, Google, Meta, and even Netflix.

So, the new FTX executives are scrambling to regain liquidity in several industries where the former crypto giant had a massive influence. For example, the new management of FTX recently asked all politicians to pay back large amounts, generously given by the former CEO of FTX.

As odd as it may seem, the new CEO of the bankrupt platform has even mentioned restarting the platform with the intention of making profits to fuel refunds.

According to a recent estimate from US bank Jefferies, users might recover between 20% and 40% of their losses.

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