Wu said that according to Japanese media NHK, Japanese cryptocurrency exchange giant BitFlyer is negotiating to acquire FTX Japan, the Japanese subsidiary of the bankrupt FTX Trading, and will take over its business. FTX Trading applied for protection under Chapter 11 of the U.S. Federal Bankruptcy Law in November 2022 due to deteriorating operations, including about 130 group companies. The acquisition is expected to involve billions of yen and will depend on the progress of the bankruptcy proceedings in the U.S. court.