FTX warns its clients about recent scams

The exchange warns its users about the dangers of a scam that promises to return to victims the funds lost due to the collapse of the exchange.

Exchanges & Wallets February 3
Kimberly Rodriguez Medina

FTX, the exchange founded by Sam Bankman-Fried, alerts its clients to the latest scam attempts being carried out in its name. The company has informed its clients that its debtors and agents will never request payment or account passwords in connection with the "return or potential return of client assets."

FTX warns against scam attempts

Scammers want to take advantage of FTX's disastrous financial situation, so they have been stepping up their game over the past few months. According to the Oregon Division of Financial Regulation, scammers are seeking opportunities to "re-victimize those who have already been harmed and are trying to find ways to recoup their losses."

Cybercriminals are using a variety of tactics, including a bogus website claiming to be run by the US State Department that seeks to return FTX client assets, or even a bogus in-depth video showing the founder of FTX, Sam Bankman-Fried, claims to double the client's crypto compensation.

The exchange has encouraged potential victims to contact their official email addresses to confirm the legitimacy of the messages they receive. In addition, the company claims to be taking "measures to protect its customers," including constant monitoring of activities on its platform and cooperating with regulatory authorities to identify and stop scammers.

FTX: Trust us, we’re on your side

Context is always important and all that glitters is not gold. What seems like a good deed by FTX, warning about this scam, is nothing more than a way to prevent the image of the exchange from being stained any further. The founder of the exchange is being accused of fraud and embezzlement, while users have lost all their money and, now, the same exchange has donned sheep's clothing, but we have already seen its true colors.

FTX does not want the situation to come full circle which is why it wants to protect its users, the same ones who have not yet recovered their funds. It is clear that the modus operandi of these new cybercriminals is unethical, wanting to take advantage of the hope of the victims. However, a good way to end this would be to return the funds to the users, which would render this scam pointless, but this is an angle that FTX does not want to speak about, but rather would prefer to shine the light on the big bad cybercriminals.

SBF in trouble and FTX in the crosshairs

In a recent development in FTX's bankruptcy proceedings, the states of California, Texas, and New Jersey have joined in calling for an independent review of the company's financial statements. Also, according to a Reuters report, Bankman-Fried is in talks with federal prosecutors to resolve a dispute over the conditions of his bail.

FTX joins the fight against scams and assures its clients that it will take steps to protect their interests and resources. While the exchange claims that it will “protect the community”, users are still waiting for the return of their funds or, at least, more information regarding this matter.