FTX Japan it would return cash – if anyone could log in

FTX’s Japanese outpost has teased good news for investors in the collapsed and disgraced trading platform – then dashed their hopes.

The crypto exchange’s Japanese outpost was thought to be in better shape than the rest of the company, thanks to Japan’s regulations that require such operations to hold more assets than other jurisdictions to safeguard liquidity and therefore customers’ deposits.

FTX Japan alluded to that happy state of affairs last Thursday with a post offering the following cheery assessment of the situation:

That post also stated that FTX Japan will issue weekly updates each Monday.

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Which it did, yesterday, only to reveal:

The fact that FTX JP’s platforms are down is at odds with last week’s suggestion that withdrawals would soon be possible.

There is some good news in the Monday post, which states FTX Japan held ¥10 billion ($73 million) of net assets as of September 2022, plus ¥17.8 billion ($130 million) of cash and deposits as of November. The post also details extensive crypto holdings, although plenty are in FTX’s own utterly devalued FTT token.

Meanwhile, former FTX CEO Sam Bankman-Fried has taken to Twitter to declare he will he happy to appear before a Congressional Committee to explain the collapse of his company … but only when it suits him to do so.

He has also admitted, in an interview, that he lost track of intermingled assets at FTX and trading company Alameda, and asserted that FTX’s current managed has made untruthful statements about the stricken company.

FTX, meanwhile, has posted a notice [PDF] of a creditor’s meeting scheduled for December 20. The company’s next big day in bankruptcy court is January 11, 2023. ®

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