FTX Clients Confront Deceptive Priority Withdrawal Scam

FTX clients face deceptive priority withdrawal scam

FTX users are facing an alarming withdrawal scam. Notably, Sunil, a vocal FTX advocate and X (formerly Twitter) user, has issued a caution to FTX account holders about this phishing scam. He strongly advises users to avoid clicking on any suspicious links.

Sunil’s X post sheds light on the constantly evolving tactics employed by online scammers.

Numerous FTX users have come forward, reporting deceptive emails allegedly sent by FTX Trading, West Realm Shires Services, and FTX EU. These fraudulent emails promise FTX creditors an exclusive opportunity for immediate asset withdrawals, completely bypassing waiting periods and legal procedures. An example of one such deceptive email reads:

“We are thrilled to extend a special opportunity to our valued priority clients from FTX Trading Ltd., West Realm Shires Services Inc., and FTX EU Ltd., commencing on October 20, 2023. As a priority client, you can now initiate the asset withdrawal process from the FTX platform and transfer your assets directly to your wallet, eliminating any need for waiting or legal proceedings.”


These emails specifically target users looking to withdraw their assets amid ongoing legal disputes involving Sam Bankman-Fried, the former CEO of the exchange.

Related: Sam Bankman-Fried requested FTX attorney to devise a legal argument for the $8 billion discrepancy.

This scam has emerged shortly after FTX creditors achieved a significant milestone by announcing the resolution of customer property disputes.

Pending approval from a bankruptcy court, the revised plan promises substantial relief for FTX’s global customer base. According to the proposal, customers are expected to receive over 90% of the distributable value.

Magazine: Can you have confidence in crypto exchanges following the FTX collapse?”

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