FTX Japan would let customers withdraw funds … if only anyone could log in
(2022/12/06)
- Reference: 1670308091
- News link: https://www.theregister.co.uk/2022/12/06/ftx_japan_tech_failure/
- Source link:
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 [1]post offering the following cheery assessment of the situation:
Over the past 2+ weeks we have put together a plan for the resumption of withdrawal service, which has been shared with and approved by the new FTX Trading management team. Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds.
That post also stated that FTX Japan will issue weekly updates each Monday.
Which it did, yesterday, only to reveal:
Our company's FTX JP website and platform FTX JP are in a state of general functional failure, such as being unable to log in, screens not being displayed properly, withdrawals and deliveries being suspended, and inquiries being unable to be made. We will keep you updated on the status of these restorations. We apologize again for the inconvenience caused.
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.
[2]FTX's crypto villain Sam Bankman-Fried admits 'I made a lot of mistakes'
[3]Block Fi seeks bankruptcy protection as 'shocking' FTX contagion spreads
[4]Too soon? Amazon commissions FTX mini-series
[5]FTX disarray declared 'unprecedented' by exec who cleaned up after Enron
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.
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. [6]https://t.co/c0P8yKlyQt — SBF (@SBF_FTX) [7]December 4, 2022
He has also admitted, in an [8]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 [9]notice [PDF] of a creditor’s meeting scheduled for December 20. The company's next big day in bankruptcy court is January 11, 2023. ®
[10]
Get our [11]Tech Resources
[1] https://help-jp.ftx.com/hc/ja/articles/13054195917593-%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E5%BE%A9%E6%97%A7%E3%81%AB%E5%90%91%E3%81%91%E3%81%9F%E5%8F%96%E7%B5%84%E3%81%BF%E3%81%AB%E3%81%A4%E3%81%84%E3%81%A6
[2] https://www.theregister.com/2022/12/01/sbf_ftx_admits_mistakes/
[3] https://www.theregister.com/2022/11/28/block_fi_seeks_bankruptcy_protection/
[4] https://www.theregister.com/2022/11/24/amazon_ftx_mini_series/
[5] https://www.theregister.com/2022/11/18/ftx_disarray_declared_unprecedented_by/
[6] https://t.co/c0P8yKlyQt
[7] https://twitter.com/SBF_FTX/status/1599511560384225281?ref_src=twsrc%5Etfw
[8] https://www.theblock.co/post/192005/2-hour-sit-down-with-sam-bankman-fried-on-the-ftx-scandal
[9] https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MTM1MzQ3OQ==&id2=0
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Y48g1sf7eY9qQSf0EZA5pgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[11] https://whitepapers.theregister.com/
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 [1]post offering the following cheery assessment of the situation:
Over the past 2+ weeks we have put together a plan for the resumption of withdrawal service, which has been shared with and approved by the new FTX Trading management team. Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds.
That post also stated that FTX Japan will issue weekly updates each Monday.
Which it did, yesterday, only to reveal:
Our company's FTX JP website and platform FTX JP are in a state of general functional failure, such as being unable to log in, screens not being displayed properly, withdrawals and deliveries being suspended, and inquiries being unable to be made. We will keep you updated on the status of these restorations. We apologize again for the inconvenience caused.
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.
[2]FTX's crypto villain Sam Bankman-Fried admits 'I made a lot of mistakes'
[3]Block Fi seeks bankruptcy protection as 'shocking' FTX contagion spreads
[4]Too soon? Amazon commissions FTX mini-series
[5]FTX disarray declared 'unprecedented' by exec who cleaned up after Enron
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.
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. [6]https://t.co/c0P8yKlyQt — SBF (@SBF_FTX) [7]December 4, 2022
He has also admitted, in an [8]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 [9]notice [PDF] of a creditor’s meeting scheduled for December 20. The company's next big day in bankruptcy court is January 11, 2023. ®
[10]
Get our [11]Tech Resources
[1] https://help-jp.ftx.com/hc/ja/articles/13054195917593-%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E5%BE%A9%E6%97%A7%E3%81%AB%E5%90%91%E3%81%91%E3%81%9F%E5%8F%96%E7%B5%84%E3%81%BF%E3%81%AB%E3%81%A4%E3%81%84%E3%81%A6
[2] https://www.theregister.com/2022/12/01/sbf_ftx_admits_mistakes/
[3] https://www.theregister.com/2022/11/28/block_fi_seeks_bankruptcy_protection/
[4] https://www.theregister.com/2022/11/24/amazon_ftx_mini_series/
[5] https://www.theregister.com/2022/11/18/ftx_disarray_declared_unprecedented_by/
[6] https://t.co/c0P8yKlyQt
[7] https://twitter.com/SBF_FTX/status/1599511560384225281?ref_src=twsrc%5Etfw
[8] https://www.theblock.co/post/192005/2-hour-sit-down-with-sam-bankman-fried-on-the-ftx-scandal
[9] https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MTM1MzQ3OQ==&id2=0
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Y48g1sf7eY9qQSf0EZA5pgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[11] https://whitepapers.theregister.com/
Something is rotten in the state of Denmark
[1][2]
As Bankman-Fried met with regulators, he also began splashing huge amounts of money around in political and philanthropic circles. Over the 18 months before FTX's implosion, he donated some $40 million to election campaigns and PACs, most of it in support of Democratic candidates. Others on his team, meanwhile, invested heavily on the other side of the aisle. Ryan Salame, a senior executive at FTX, donated $23 million, most of it to Republican efforts.
The money didn't go unnoticed. In March, as The American Prospect reported, eight members of Congress — four Republicans and four Democrats — wrote a letter to the SEC that questioned its authority to require crypto companies like FTX to provide information to the agency. FTX employees had donated between $2,900 and $11,600 to five of the signers. The company and Salame combined had given $2.75 million to a super PAC associated with the National Republican Congressional Committee, which is headed by the letter's lead signatory, Rep. Tom Emmer.
[3]
== Bring us Dabbsy back! ==
[1] https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12
[2] https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12
[3] https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12