🚨 FTX Creditors Alert: Phishing Scam Surges as $1.9B Payout Looms

Scammers smell blood in the water—and it's worth $1.9 billion.

As FTX creditors brace for long-awaited repayments, phishing attacks have spiked, targeting desperate investors eager to recoup losses from the exchange's collapse. The irony? Getting scammed twice would almost be poetic.

Here's how the grift works:

Fraudsters impersonate bankruptcy administrators, offering 'early access' to funds via shady links. Click, and your remaining crypto vanishes faster than Sam Bankman-Fried's moral compass.

Stay sharp: Official communications won't demand private keys or rush you into action. Meanwhile, Wall Street bankers watching this circus probably just ordered another round of margaritas.

FTX creditors are once again on high alert! Activist Sunil Kavuri has issued a warning about a new phishing scam. Notably, full names and email addresses of some creditors have been exposed. However, it’s not yet clear if this is from a recent or older leak.

Here’s what you need to know to stay safe.

Phishing Warning for Creditors 

Kavuri has urged creditors to be careful when opening any emails related to FTX. He advised against clicking on links, stressed the importance of checking the sender’s address, and recommended always logging in directly to the official claims portal instead of using email links.

Warning: Phishing Scam Email

Full name, email addresses of FTX creditors revealed

New or old data leak

1) Do not click on email links
2) Check Sender addresses
3) Go direct to claims portal or official address. Do not click on links in emails

FTX claims:… pic.twitter.com/GK1nrYSpLO

This is not the first time FTX has faced data security issues. The collapsed exchange has faced several leaks and breaches in the past, making data protection a regular concern for creditors. 

Creditor Payouts Begin September 30

The warning comes just before FTX begins its next round of creditor distributions. Payouts will start on September 30 after a bankruptcy court approved to reduce the claims reserve by $1.9 billion. Creditors must have their claims on record by August 15 to be eligible. 

The upcoming payouts will be processed via BitGo, Kraken, and Payoneer, and the court has also instructed FTX to revise its plan for handling claims in restricted jurisdictions.

FTX Wallet Moves $35M in Solana

In another development, a wallet linked to FTX and Alameda Research recently unstaked 190,821 SOL worth $35.5 million, sparking attention in the crypto community. Are asset recoveries gaining pace? In recent weeks, several large transfers from FTX wallets have been noted.

IS ALAMEDA RESEARCH ABOUT TO DISTRIBUTE $35M OF SOL?

An Alameda Research staking account just unstaked $35M of SOL that had been staked in late 2020. It was then worth $350K – up 100x since it was initially staked.

Will this be finally returned to creditors? pic.twitter.com/g3ehbfbw92

FTX Customers Allege Law Firm’s Role in Fraud

Legal troubles continue. 

Some customers have accused Silicon Valley law firm Fenwick and West of being directly involved in FTX’s fraudulent activities. An SEC filing claims that Fenwick & West had “actual knowledge” of the fraud and provided “substantial assistance” in structures that allowed insiders to loot millions.

During his trial, SBF admitted that he relied on Fenwick & West for business and compliance advice.  However, the firm has denied allegations and said that it only provided standard legal services and cannot be held liable for the exchange’s misconduct.

The Collapse That Shook Crypto 

FTX filed for bankruptcy in November 2022 after it was revealed that customer funds were misused for risky trades through Alameda Research. The scandal led to the arrest, conviction, and 25-year prison sentence of Sam Bankman-Fried in 2023.