However FTX had multiple exchanges, in multiple countries.
They all complied with local country rules.
FTX Japan was solvent from the beginning, as Japan required investors assets to be kept in different wallets, in cold storage, and to be audited by a government entity quarterly.
So the Japanese investors got their money back in 30 days.
FTX US was the US subsidery, which didn't offer any of the derrivative investments FTX was famous for worldwide.
Just an example of SEC rules.
Interestingly enough the CEO of FTX resiigned a few months before this implosian, after taking over the company and
From Investopedia:
FTX U.S. Derivatives was an exchange owned by FTX, the cryptocurrency exchange owned by Sam Bankman-Fried. Bankman-Fried was charged with and found guilty of several financial crimes after FTX declared bankruptcy in 2022.
It was created to be in compliance with US laws and excluded some of FTX's derrivative products and other staking prodicts the SEC frowned upon.
FTX was actually a huge number of country specific exchanges with an orgnization chart of some 134 compnaies.
An interesting story from Japan is that after the Japanese Mt Gox, Japan changed it's laws, so that investors funds can't be comingled with company funds, investopr funds have to be held offline in cold wallets, and this arrangement is audited quarterly by a government auditor.
The investors in FTX Japan got their funds back in about 60 days.
The delay was due to centralization in FTX which allowed one FTX exchange to turn off the software of every FTX exchange.
The FTX Japan was able to restore it's exchange by uploading their previous software from a company FTX bought and take control of the wallets.
I wrote a few articles on this back when it was fresh, because I thought it was a roadmap to safer centralized exchanges.
It was created to be in compliance with US laws and excluded some of FTX's derrivative products and other staking prodicts the SEC frowned upon.
FTX was actually a huge number of country specific exchanges with an orgnization chart of some 134 compnaies.
An interesting story from Japan is that after the Japanese Mt Gox, Japan changed it's laws, so that investors funds can't be comingled with company funds, investopr funds have to be held offline in cold wallets, and this arrangement is audited quarterly by a government auditor.
The investors in FTX Japan got their funds back in about 60 days.
The delay was due to centralization in FTX which allowed one FTX exchange to turn off the software of every FTX exchange.
The FTX Japan was able to restore it's exchange by uploading their previous software from a company FTX bought and take control of the wallets.
I wrote a few articles on this back when it was fresh, because I thought it was a roadmap to safer centralized exchanges.
I am not a US citizen and I received emails from FTX. However, it's just dust remaining there. I pulled it before the collapse.
Interesting!
Good for you, for pulling up in time, and for whatever you get now.
Just have to go with your gut😉
I've never even heard of FTX US or seen it mentioned anywhere.
I don't see much information on it from Google searches either.
Surprisingly there is not much info on google.
However FTX had multiple exchanges, in multiple countries.
They all complied with local country rules.
FTX Japan was solvent from the beginning, as Japan required investors assets to be kept in different wallets, in cold storage, and to be audited by a government entity quarterly.
So the Japanese investors got their money back in 30 days.
FTX US was the US subsidery, which didn't offer any of the derrivative investments FTX was famous for worldwide.
Just an example of SEC rules.
Interestingly enough the CEO of FTX resiigned a few months before this implosian, after taking over the company and
From Investopedia:
FTX U.S. Derivatives was an exchange owned by FTX, the cryptocurrency exchange owned by Sam Bankman-Fried. Bankman-Fried was charged with and found guilty of several financial crimes after FTX declared bankruptcy in 2022.
It was created to be in compliance with US laws and excluded some of FTX's derrivative products and other staking prodicts the SEC frowned upon.
FTX was actually a huge number of country specific exchanges with an orgnization chart of some 134 compnaies.
An interesting story from Japan is that after the Japanese Mt Gox, Japan changed it's laws, so that investors funds can't be comingled with company funds, investopr funds have to be held offline in cold wallets, and this arrangement is audited quarterly by a government auditor.
The investors in FTX Japan got their funds back in about 60 days.
The delay was due to centralization in FTX which allowed one FTX exchange to turn off the software of every FTX exchange.
The FTX Japan was able to restore it's exchange by uploading their previous software from a company FTX bought and take control of the wallets.
I wrote a few articles on this back when it was fresh, because I thought it was a roadmap to safer centralized exchanges.
It was created to be in compliance with US laws and excluded some of FTX's derrivative products and other staking prodicts the SEC frowned upon.
FTX was actually a huge number of country specific exchanges with an orgnization chart of some 134 compnaies.
An interesting story from Japan is that after the Japanese Mt Gox, Japan changed it's laws, so that investors funds can't be comingled with company funds, investopr funds have to be held offline in cold wallets, and this arrangement is audited quarterly by a government auditor.
The investors in FTX Japan got their funds back in about 60 days.
The delay was due to centralization in FTX which allowed one FTX exchange to turn off the software of every FTX exchange.
The FTX Japan was able to restore it's exchange by uploading their previous software from a company FTX bought and take control of the wallets.
I wrote a few articles on this back when it was fresh, because I thought it was a roadmap to safer centralized exchanges.
Here is a list: