FTX Creditors Targeted by New Phishing Scam Ahead of Payouts

New Phishing Threat Hits FTX Creditors

FTX creditors are facing yet another security scare as activist Sunil Kavuri warns of a phishing campaign targeting those with claims against the bankrupt exchange. The attack reportedly involves the exposure of full names and email addresses of certain creditors, although it’s still unclear whether the leak is new or from past breaches.

Kavuri urged claimants to avoid clicking any links in suspicious emails, verify sender details, and log in directly to the official claims portal instead of following embedded email prompts.

History of Data Security Issues

This isn’t the first time FTX has been hit by data protection concerns. Since the exchange’s collapse, there have been multiple leaks and breaches, making cybersecurity a constant worry for those awaiting repayment. The latest warning comes at a sensitive time — just weeks before payouts are scheduled to begin.

Creditor Payouts Begin September 30

The next round of creditor distributions is set to start September 30, with eligibility requiring claims to be on record by August 15. This follows a bankruptcy court’s approval of a $1.9 billion reduction in FTX’s claims reserve.

Payments will be processed via BitGo, Kraken, and Payoneer, with FTX seeking court approval to allow overseas distributions in restricted jurisdictions.

FTX Wallet Moves $35 Million in Solana

Adding to the intrigue, blockchain watchers noted that a wallet linked to FTX and Alameda Research recently unstaked 190,821 SOL — worth about $35.5 million. The move has fueled speculation that asset recoveries may be accelerating, following several other large transfers in recent weeks from FTX-controlled wallets.

Law Firm Faces Fraud Allegations

Legal troubles surrounding the exchange continue to mount. A group of customers has accused Silicon Valley law firm Fenwick & West of playing a direct role in enabling fraud at FTX. According to an SEC filing, the firm allegedly had “actual knowledge” of the wrongdoing and provided “substantial assistance” in structuring entities that allowed insiders to divert millions.

During his trial, Sam Bankman-Fried (SBF) admitted to relying on Fenwick & West for business and compliance advice. The firm, however, has denied all allegations, stating it only provided standard legal services and should not be held responsible for the exchange’s misconduct.

The Collapse That Shook Crypto

FTX filed for bankruptcy in November 2022 after revelations that customer funds were misused for risky trading through Alameda Research. The scandal triggered one of the largest crises in crypto history, leading to SBF’s arrest, conviction, and 25-year prison sentence in 2023.

With payouts approaching, creditors are now forced to navigate both legal hurdles and cyber threats as they seek to reclaim their funds.