FTX Japan Chief Operating Officer Seth Melamed to speak at WebX

What to do after the FTX bankruptcy

Mr. Seth Melamed of FTX Japan Co., Ltd. has decided to speak at the international Web3 conference “WebX” hosted by CoinPost.

An interview will be held about the response after the FTX bankruptcy and the future of FTX JP, and details such as the date and time of the presentation will be announced at a later date.

FTX Trading Limited, the parent company of FTX Japan, went bankrupt on November 11, 2022, which had a major impact on the crypto asset (virtual currency) industry in Japan and overseas.

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Due to this, FTX Japan Co., Ltd., a Japanese corporation, has suspended withdrawals of Japanese yen and crypto assets that customers have deposited in their accounts, but from February 21, 2023, legal currency (Japanese yen) Withdrawals and virtual currency withdrawal services resumed.

Under the supervision of the Financial Services Agency, FTX Japan is a business subject to Japanese laws and regulations. I did.

In an interview conducted by CoinPost in March this year, Seth Melamed, COO of FTX Japan, answered. He said, “Fiat currency was stored in a designated third-party trust bank trust account, and virtual currency was stored in a segregated cold wallet (a highly secure wallet separated from the Internet).”

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On the 9th of this month, the Kanto Local Finance Bureau issued the third “domestic holding order for assets” to postpone the date of administrative action against FTX Japan from June 9th to September 9th.

The “domestic holding order of assets” is of a nature that is issued when a foreign-affiliated group with a Japanese corporation goes bankrupt. This is a form of taking measures to prevent a situation in which assets flow out to overseas affiliates, etc., and the interests of creditors and investors are harmed.

On the other hand, even after resuming withdrawals, trouble has arisen among some users that they cannot withdraw their assets, and concerns have been raised that only specific creditors will be repaid.

Future of FTX JP

After the end of FTX JP’s service, there are various speculations such as acquisition by other companies and continuation of the service in-house.

What is WebX

WebX is Asia’s largest Web3 conference, gathering promising Web2/Web3 projects, companies, entrepreneurs, investors, developers, etc. from all over the world. It will be held at the Tokyo International Forum on July 25 (Tuesday) and 26 (Wednesday).

Visitors can enjoy lectures by top projects and founders from around the world in the Web3 field (simultaneous interpretation in Japanese), networking opportunities, technical workshops by major blockchain development teams, exhibitions of various companies and projects, and more. You can participate in exchanges.

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