Following the resumption of withdrawals on February 21, the Japanese unit of the defunct cryptocurrency company FTX has stated that thousands of clients have transferred their businesses elsewhere.

FTX Japan said in a statement issued on February 22 that customers of both exchange and those at Liquid Global had withdrawn around 6.6 billion yen (equivalent to roughly $50 million at press time) in crypto and fiat. The cryptocurrency company reports that 7,026 account holders have transferred cash from FTX Japan to Liquid, 5,697 transactions have included cryptocurrency, and 1,947 customers have withdrawn fiat currency.

The cryptocurrency firm said on Feb. 20 that in order to make withdrawals, FTX Japan users would first need to authenticate the amounts in their accounts and then transfer those funds to a Liquid account. For the first time in over three months, withdrawals began again around 3am UTC on February 21.

When its parent company filed for bankruptcy in November 2022, FTX Japan was part of the action. At the time, the corporation froze the assets of around 9 million members, denying them access to millions of dollars worth of funds. According to a NHK report at the time, FTX Japan had around 19.6 billion yen in cash when it suspended operations. This equates to more than $138 million, leading to believe that more than $90 million may remain for consumers as of February 22.

Since November, most FTX consumers, including those of FTX US, have been unable to withdraw their assets due to the bankruptcy proceedings that have been taking place in the United States. The matter is now being heard in the United States Bankruptcy Court for the District of Delaware, where the judge has already ruled against a measure to appoint an independent examiner on the grounds that doing so would be prohibitively expensive.