Customers who lose assets from exchanges going bankrupt usually have to wait months if not years to recover part or all of their assets, as proven by history. For example, Mt.Gox, once the biggest Bitcoin exchange, went bankrupt in 2014, and customers are still waiting to recover their Bitcoins.
However, it seems like customers from the Japanese branch of FTX could be lucky. A senior official from the Financial Services Agency told Bloomberg that they had been communicating with FTX Japan and that plans to allow withdrawals could unfold as soon as February. According to him, clients’ funds have been segregated, allowing for faster recovery of funds.
Reportedly, customers have been unable to withdraw until now due to technical issues. FTX received approval to sell the Japanese branch last week from the Bankruptcy Court of Delaware.
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