Acquired in early 2022 by FTX, the Japanese crypto exchange Liquid has announced the suspension of fiat and crypto withdrawals on its platform.
Fiat and crypto withdrawals have been suspended on Liquid Global in accordance with the requirements of the voluntary Chapter 11 procedures in the United States. We will provide updates as they become available.
Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States.
We will provide updates when available.
—Liquid Global Official (@Liquid_Global) November 15, 2022
Following the implementation bankruptcy of FTXthe other companies in the group are logically impacted by the bankruptcy filing of one of the largest crypto trading platforms which collapsed in just a few days.
Liquid also recommends that its customers no longer make deposits on the platform pending further updates on the situation.
Hacked in August 2021, Liquid received a $120 million loan from FTX to overcome cryptocurrency theft that impacted the Japanese platform’s finances, $80 million in bitcoin and altcoins were stolen by hackers.
This life-saving loan resulted in the takeover of Liquid by FTX, which subsequently announced the launch of its subsidiary FTX Japan.
The suspension of withdrawals on Liquid Global illustrates the current debacle of the FTX group which is gradually breaking up in the countries where it was present or in the launch phase.
Recently, it is the giant Visa who announced that they have terminated their partnership with FTX crypto debit card, click here to read our article.
The crypto exchange kraken has blocked accounts linked to FTX and Alameda Research, click here to learn more.
The crypto community now fears that a contagion phenomenon will appear that could affect the financial balance of other crypto companies that were involved in the FTX ecosystem.
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