FTX Japan officials reportedly claim to resume withdrawals soon

FTX Japan, the Japanese branch of cryptocurrency exchange FTX Trading, is working to resume withdrawals by the end of the year.

While FTX Japan has temporarily halted withdrawals, an official there stated on Monday that work on a new withdrawal procedure is already underway.

Furthermore, FTX Accounts Drainer continues to drain crypto assets from users’ accounts, withdrawing nearly $600 million.

According to Japan Broadcasting Corp., FTX Japan officials stated in an interview on November 21st that the company is working on a way to begin withdrawals before the end of the year.

Withdrawals have been temporarily halted because FTX Japan uses the same payment system as its parent company, FTX, which has filed for Chapter 11 bankruptcy.

Sam Bankman-Fried, President and CEO of FTX, declared bankruptcy for more than 130 of the company’s subsidiaries.

Furthermore, as of November 10th, the Japanese division had deposited approximately 19.6 billion yen ($138 million). It has not, however, verified any foreign transfers of consumer funds.

Moreover, the Financial Services Agency of Japan ordered the exchange’s closure on November 10.

According to the court filing, FTX owes over $3.1 billion to the top 50 creditors. One of the creditors is claiming $226 million. The outage affected approximately one million FTX users.

The FTX Accounts Drainer continues to drain cryptocurrency from FTX and FTX US wallets and transfer it to Ethereum.

The hacker has only recently begun exchanging Ethereum for renBTC, a cryptocurrency convertible to Bitcoin.