Scammers Target FTX Customers by Promising Priority Withdrawals

FTX customers have fallen victim to a phishing scam that impersonates FTX Trading Ltd., West Realm Shires Services Inc., and FTX
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FTX consumers are apparently being targeted in a phishing scam giving a one-time opportunity to withdraw assets from the failing cryptocurrency exchange.

Sunil, an X user and FTX creditor advocate, wrote a warning about the fraud on Oct 20, advising account holders to avoid clicking on suspicious links in emails claiming to be from FTX Trading, West Realm Shires Services, and FTX EU.

The fraudulent emails fraudulently claim priority. FTX clients can now withdraw assets and deposit them straight into their wallets, without legal formalities.

According to one fraudulent email:

We are excited to offer a special opportunity to valued priority clients of FTX Trading Ltd., West Realm Shires Services Inc., and FTX EU Ltd. beginning today, Oct. 20, 2023.” As a priority client, you can now withdraw your assets from the FTX platform and deposit them directly into your wallet, bypassing any waiting period or court outcomes.

The scammers behind these letters are clearly targeting consumers who are ready to withdraw their cash, especially in light of the ongoing legal dispute involving Sam Bankman-Fried, the former CEO of FTX Exchange. This appealing offer comes on the heels of FTX creditors recently announcing a proposal to return the majority of assets to customers.

The amended plan, which is still awaiting approval from a bankruptcy court, provides significant relief to FTX’s global client base. Customers might receive more than 90% of the distributable value, according to the idea.

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