Following the collapse of the FTX exchange in November due to liquidity crunches which led to Sam Bankman Fried being sued for multiple crimes, the new executives have been focused on recovering the company’s resources. Recall that the FTX ex-founder gave $400 million to a hidden co-founded by his one-time lover. 

Andy Dietderich, FTX senior attorney, disclosed on Wednesday at a United States bankruptcy court hearing in Delaware that the bankrupt company has now recovered $7.3 billion in undisclosed liquid crypto assets and cash, according to Reuters. Notably, over $800 million and counting has been recovered by the company between January and April. 

Dietderich added that FTX is now thinking of its future having recovered these amounts since the unfortunate incident that occurred under the regime of SBF, submitting that “the situation has stabilized, and the dumpster fire is out.”

Speaking on FTX’s future, the lawyer stated that the exchange is still considering the best way to utilize the recovered funds.  According to him, it is unclear whether the funds would be expended to settle previously affected customers or used to reactivate the exchange. But the sure thing is that restarting the exchange would require large capital. 

It bears mentioning that FTX is indebted to the San Francisco-based cross-border payment firm, Ripple. According to Brad Garlinghouse, the crypto solutions company leased $10,000,000 worth of XRP to the imploded FTX. 

Nonetheless, the company’s attorney revealed that FTX may resume operations this second quarter of 2023 as dialogue is currently ongoing between FTX’s new executives with stakeholders on the matter. 

While full-blown operations are yet to be activated on the exchange, he noted that customers in Japan have been the only ones able to withdraw funds from FTX due to the country’s strong crypto regulations. Last November, FTX Japan shared its proof of reserves, showing a huge XRP holding in its cold wallet.

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The post Imploded FTX Recovers $7.3B in Assets, Hints on Relaunch  appeared first on Times Tabloid.

Recently, FTX Japan, the Japanese branch of the fallen cryptocurrency exchange FTX Trading Limited, published all assets on their balance sheet to demonstrate transparency as well as define the status of customers’ assets. 

Notably, XRP, the native token of the XRP Ledger ranks top, by volume of tokens deposited on the exchange and also held in the exchange’s cold wallet. 

FTX Japan showed in the update that it holds several crypto assets in its cold wallet reserves including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Solana (SOL), and XRP among others. 

「当社におけるお客様の資産の管理状況等について」お知らせを掲載致しました。
こちらをご確認ください。https://t.co/hXUR8AAt8x

— FTX Japan (@FTX_JP) November 13, 2022

Read Also: Ethereum’s Vitalik Buterin: FTX Exchange Meltdown “Cuts Deeper” Than Terra (LUNA) Collapse

FTX Japan Reserve Holds More of XRP

Per the release, FTX Japan observed the proof of reserve practice to disclose the management status of crypto assets and fiats on its exchange, as of November 11, 2022. 

The report showed that FTX Japan holds nearly 66 million XRP (65,960,708.6211 XRP) in its cold wallet reserve. Likewise, approximately 64.1 million XRP (64,140,935.9303 XRP) tokens have been deposited on the exchange by customers.

Overall, statistics showed that the exchange holds more of the Ripple-backed crypto asset than any other digital token. 

The Japanese arm of the embattled FTX exchange also revealed that assets deposited by customers are managed separately, in line with the laws of the country. According to the team, all crypto assets are held in cold wallets, whereas fiat currencies are stored in trust accounts in Japan. 

In addition, FTX Japan shared the status of its own assets. As of September 2022, the net assets of the company were approximately 10 billion yen. But as of November 10, 2022, the exchange had approximately 19.6 billion yen in cash and deposits. 

Part of the announcement read, “our company manages the customer’s US dollar deposit balance separately by entrusting an amount equivalent to yen based on the exchange rate prescribed by our company.”

“Regarding the withdrawal of Japanese yen at our company, we will inform you from time to time according to the restoration status of the system. We apologize again for the inconvenience caused.”

Related: CZ Binance: “DO NOT Trade FTT Tokens. If You Have a Bag, You have a Bag. DO NOT Buy or Sell”

It is worth noting that FTX Trading Limited, the parent company of FTX Japan filed for Chapter 11 bankruptcy earlier this week. Among the 130 affiliated groups on the bankruptcy filing is FTX Japan. Coupled with the fact that the Japanese yen withdrawal has been suspended on FTX Japan, several customers have questioned the management of their assets on the exchange.

However, FTX Japan reiterated that the assets entrusted to them by customers are strictly segregated and managed in cold wallets and trust accounts.

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The post FTX Japan Reveals Large Amount of XRP Held in its Cold Wallet appeared first on Times Tabloid.

FTX Japan Lists DOGE

Per a tweet made a few hours ago by FTX Japan’s Twitter handle, the top crypto exchange has officially started handling Dogecoin (DOGE). 

本日よりドージコイン（Doge）取り扱い開始！
この機会にドージコイン（DOGE）の購入をぜひご検討ください。
詳細はこちらからhttps://t.co/T2QCip3Jtj#わんわん#わんーお#かぼちゃん pic.twitter.com/zL4lIRyMVy

— FTX Japan (@FTX_JP) July 5, 2022

Importantly, FTX Japan is thrilled to become the first domestic exchange to provide perpetual Dogecoin (DOGE) trading for customers. The exchange urged users to take advantage of the novel service on the platform.

Per the announcement, the Japan-based exchange will commence the services of perpetual DOGE trading for users on July 5 by 11:00 am JST.

Similarly, the exchange intends to also handle Dogecoin (DOGE) for the following target services – warehousing and delivery purposes as well as physical transactions in its exchanges and sales offices.

In addition, the exchange informed via the announcement that there is a plan to facilitate easy buying and selling of the largest memecoin on its platform in the coming days.

Part of the announcement read;

“We plan to start handling Dogecoin (DOGE) in our physical transactions (sales offices/exchanges) and perpetual transactions from 11:00 am on July 5, 2022 (Tuesday). Dogecoin (DOGE) is a unique coin with the motive of Shiba Inu, and is a crypto asset that has gained a lot of popularity in recent years.”

“In the future, it will be possible to easily trade this Dogecoin (DOGE), which is often heard in the news, on FTX Japan. FTX Japan is the only domestic exchange that handles Dogecoin perpetual transactions, so please take advantage of it.”

Read Also: Elon Musk Explains How He Started Supporting Dogecoin (DOGE)

Dogecoin (DOGE) Adoption

The Dogecoin (DOGE) project which began as a joke has since gained momentum following its adoption by the Tesla CEO, Elon Musk. In a recent report, the popular figure and the world’s richest man disclosed how he started supporting the largest dog-themed token on the market. Despite a class lawsuit filed against the billionaire, he noted that he will keep supporting the project. 

Over the years, individual investors have shown interest in the token while several businesses and entities have adopted the token as a payment option. These and many more developments like the FTX Japan listing move, have kept the dog-themed token on the positive side.

Interestingly, WhaleStats revealed that Dogecoin is now among the top 10 purchased tokens by 1000 biggest Binance Smart Chain (BSC) whales in the last 24 hours.

JUST IN: $DOGE @dogecoin now on top 10 purchased tokens among 1000 biggest #BSC whales in the last 24hrs

Peep the top 100 whales here: https://t.co/hABj9cqU4d

(and hodl $BBW to see data for the top 1000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/6cQ7F1v52u

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) July 5, 2022

Meanwhile, Crypto.com have removed Dogecoin (DOGE) and 14 other crypto assets from its earn rewards program, citing the prevailing bear market as the motive.

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The post FTX Japan Becomes First To Offer Perpetual Dogecoin (DOGE) Trading: Details appeared first on Times Tabloid.