FTX-owned Japanese crypto exchange Liquid announced plans to restore user funds in 2023.
In February 2022, the SBF-owned crypto exchange FTX acquired the Japanese platform Liquid and all its functioning subsidiaries
The exchange announced that it plans to provide further information in a report next month.
However, reports revealed that positive news are surfacing for the users of the FTX-owned Japanese crypto exchange Liquid. As per reports, the platform revealed plans to begin the process of recovering user funds in 2023.
Liquid is a Japan-based cryptocurrency exchange that serves millions of users worldwide. The platform offers both spot trading in digital currencies like bitcoin, ether, and XRP, as well as financial derivatives that allow investors to speculate on price movements. The platform was initially founded in 2014.
In February 2022, the SBF-owned crypto exchange FTX acquired the Japanese platform Liquid and all its functioning subsidiaries, including Quoine Corporation and its Singapore-based unit. Later, the FTX collapse significantly affected the operations of the platforms, which also impacted user funds.
As per reports, FTX Japan is working on a mechanism that would allow users to withdraw assets through the website of Liquid Japan. In a statement, FTX Japan noted,
"We deeply regret the significant inconvenience caused by the prolonged suspension of services for the withdrawal of legal currency as well as crypto assets."
Liquid noted that the mechanism will allow users who are unable to access FTX to check their FTX Japan balances and make withdrawals on the Liquid Japan website. However, customers using the Liquid Japan platform are likely to be able to withdraw as usual.
Furthermore, the platform previously reassured its users about the restoration of their funds. The restoration process, according to Liquid, will begin in 2023.
Experts believe that there is a strong likelihood of restoring users' funds once the heat of the FTX collapse begins to fade. As previously reported by CoinGabbar, the $3.5 billion in FTX funds seized by the Bahamas Securities Commission will be soon refunded to the affected users.
This indicates that the year 2023 will be a fortunate one for those affected by the collapse of FTX. However, we should wait for further information before making any judgment, and in the meantime, stay tuned to CoinGabbar for more FTX-related updates.
What do you think, will Liquid users get their funds back? Please share your thoughts in the comment section below.
Read also: Truth Behind the Pi Network Listing by Huobi & XT.com
