FTX Issues Alert

FTX Issues Alert – Beware of Refund Scams, Protect Your Funds

On the 3rd of February 2023, the bankrupt crypto giant, FTX, issued a warning to its creditors. According to it, the customers were contacted by third-party agencies and companies who offered to refund them. Of course, not for free. Customers who had already lost significant amounts of money were prompted to pay more for this “recovery service.” In some cases, they were also asked for their account passwords or other personal details.

According to a Tweet shared by FTX, clients should contact the exchange directly through an official email: [email protected]. There, they can get relevant information regarding their outstanding balance and the potential refund.

Additionally, FTX warned consumers that their employees will never ask “for money, fees, payments, or any passwords for your accounts in connection with the return or prospective return of customer assets.”

FTX Creditors List – Who Are The Victims?

Just a week before the scam warning, FTX finally revealed a complete list of its creditors. The list doesn’t show us the names of over 9.5 million users as the court didn’t approve disclosure yet. 

However, we do know that some tech giants, including Google, Amazon, Meta, and Apple, are on it. Further, there are charity foundations, law firms, media giants, and more. Additionally, there are crypto counterparts, such as Coinbase, Binance Capital Management, Polygon Network, and others. We’ve seen a list of hotels, including AC Hotels by Mariott, Grand Hyatt, Airbnb, and more.

The firm owes millions of dollars, but the exact amount for each creditor is not specified. However, based on the fact that the document itself is 100 pages long, we can conclude that the amounts are substantial, and almost every industry, including government agencies, suffered losses.

Other Scams Related to FTX

FTX, a leading cryptocurrency exchange, recently collapsed, leaving millions of dollars owed to its creditors. This has created a situation where scammers are taking advantage of it and using it to steal even more money from unsuspecting victims. 

In November 2022, we found a deep fake video showing ex-FTX CEO Sam Bankman-Fried claiming he would double the customer compensation. By clicking on the link to apply for doubling their money, customers were sent to a malicious website asking them to send tokens in exchange for the crypto giveaway.

In December 2022, the Oregon Division of Financial Regulation issued a warning stating that scammers are looking to exploit victims. Allegedly, they received complaints from consumers who were enticed into fraud through what seems to be an official US Department of State clone. Fraudsters told victims they were working with customers to get their money back and asked for usernames, passwords, and other login information. 

Oregon Division of Financial Regulation warning

None of these are genuine, and those who clicked on the link or responded to the fake US government demand were robbed of their money. As if losing tremendous amounts to FTX wasn’t already enough.

What’s more, we strongly recommend that you avoid the fraudulent brokers GSL Markets, Royal Oak Investment, and Bullexo.

What To Do If Scammed By Fake FTX Offers?

As the fallout continues, it’s essential to be cautious and protect yourself from these fraudulent activities. Stay informed and take steps to secure your funds as the situation unfolds.

Furthermore, don’t give anyone your personal information. Especially if you receive a call out of the blue or the ad you stumble upon looks too good to be true. With over 9.5 million people who have suffered losses, it’s clear that many want their shares back. However, waiting is sometimes better than falling for another fraud.

If you’ve been victimized by a swindler pretending to be a government organization or a person who can reimburse you, don’t get desperate. Change your login credentials, verify that all your personal data is safe, and file a dispute for a chargeback. If you’ve paid through your debit/credit card, you can do so within 540 days. 

In case you’ve transferred your digital coins to a scammer, our CipherTrace analysts can help you with this issue. We can track and trace your crypto and find the final destination. Then, you can file a detailed report to the relevant authorities.

Stay safe, and let us help you with your security!

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