Liquid (Liquid Global, run by the Japanese company Quoine) was a centralized crypto exchange that FTX acquired in 2022. When FTX collapsed, Liquid Global suspended fiat and crypto withdrawals on November 15, 2022, citing FTX’s Chapter 11 bankruptcy, and halted trading a few days later. Customer claims moved into the FTX bankruptcy process. Below: the timeline, where claims went and how to swap tokens without a custodial account.
Key Takeaways
- 2022: FTX acquired Liquid Group and its operating subsidiaries; Liquid’s Japanese business became FTX Japan.
- November 10, 2022: Japan’s FSA ordered FTX Japan to suspend operations and keep assets in Japan to cover customer liabilities.
- November 15, 2022: Liquid Global suspended withdrawals “in compliance with” FTX’s Chapter 11; trading stopped days later.
- January 3, 2025: FTX’s reorganization plan became effective; creditor distributions followed in 2025.
What Liquid Was
Liquid grew out of Quoine, a Japan-licensed exchange, and offered spot and margin trading to users in Japan and, through Liquid Global, to international users. Its link to FTX is what ended it: once FTX failed, every company in the group was pulled into the same bankruptcy.
What Happened
After FTX filed for Chapter 11 in November 2022, Liquid Global announced that fiat and crypto withdrawals were suspended to comply with the bankruptcy proceedings, and trading was paused about five days later. In Japan, regulators had already ordered FTX Japan to stop operations on November 10, 2022 and to hold assets in the country equal to its balance-sheet liabilities.
Sources: The Block, Cointelegraph, Blockworks.
If You Had Funds on Liquid Global
- Claims go through the FTX bankruptcy. FTX’s plan became effective on January 3, 2025; distributions to creditors began in 2025 and continued in later rounds.
- Use only the official FTX claims process. Messages offering faster payouts, “claim buying” with upfront fees or wallet “verification” are common scams.
- Never send funds or your seed phrase to anyone promising to release a Liquid balance.
Swapping Without an Exchange Account
Liquid’s users did nothing wrong: their balances were frozen because the exchange’s parent failed. A non-custodial swap avoids that layer: tokens leave your wallet and the result returns to your wallet in the same flow, so there is no exchange balance to freeze. Use the widget on this page to swap across 60+ networks.
| Centralized exchange | Non-custodial swap | |
|---|---|---|
| Who holds funds | the exchange (and its parent company) | you |
| Risk if the parent fails | balances frozen in bankruptcy | none from a parent company |
| Account and KYC | usually yes | no |
Other closed exchanges: Hotbit, STEX.
Limits
This page is general information, not legal advice about your claim. For the status of a specific FTX or Liquid claim, rely on the official bankruptcy claims process.
