The start of withdrawal procedures for cryptocurrency exchange FTX has opened the door to a number of scams. Read our advice on how to best avoid these phishing attempts
Beware of scams for withdrawals on FTX
While procedures to claim blocked funds on cryptocurrency platform FTX have begun, this provides fertile ground for scams. Indeed, malicious actors can then take advantage of this opportunity, attempting to steal cryptos from investors harmed by the exchange’s bankruptcy.
To be on the safe side, you can go directly to the claims portal, checking that the address is the official URL, like the one framed in the screenshot below:
FTX Complaints Portal
The official procedure will involve you logging in with your FTX account details, verifying your email address and completing a Know Your Customer (KYC) verification process. You will then be able to view your account balances in order to submit a claim on the Kroll Restructuring Administration platform
Pushing investors to sign deals
The methods used for phishing attempts can be varied, from bots on Twitter identifying users and trying to redirect them to fraudulent links, to more or less convincing emails.
Most of the time, the aim is to get you to connect a wallet in order to sign a transaction that will empty your wallet.
In the case of FTX, it should be noted that you will not be asked to sign a transaction from an external address. In the future, a withdrawal address may be requested for the receipt of funds, but this is not yet the case, so there is no need to interact with a self-hosted portfolio.
Although the majority of investors will not be fooled, it can be easy to fall prey to such ruses, given the financial and psychological impact that the collapse of the platform may have had on part of the community. In such cases, anyone is capable of reacting in haste to the promise of a potential return of funds, and it is this bias that the ill-intentioned people behind these various scams are seeking to exploit.
