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Imagine that you have been waiting for a very long time to receive your FTX repayment, and just as it is about to arrive, con artists try to steal it from you. Indeed, this is exactly what is happening with FTX creditors right now. Scammers are on the move, sending fake emails to people, and trying to trick them into giving away their personal and financial information. This is happening as the collapsed cryptocurrency exchange FTX begins processing repayments for its creditors.
As creditors of the now-defunct FTX start getting a refund, a new wave of phishing attacks starts to hit. To get private information, scammers are sending fake emails that look like they are from FTX.
FTX Warns Creditors About Phishing Scams
A representative of FTX creditors, Sunil Kavuri, warned on X that scammers are targeting creditors, asking them to confirm their claims by providing personal information.
The emails direct recipients to fake claim portals and request wallet addresses, falsely warning that failing to comply by March 19 could delay payouts until July.
To avoid clicking on links in emails, Sunil told creditors they should go to the official claims portal directly instead. The purpose of these phishing websites is to steal users’ login information and funds.
FTX Starts Paying Back Small Creditors First
On February 18, 2025, FTX started making payments to its creditors, with claimants who owed less than $50,000 being given priority by the company.
These creditors must complete KYC verification, provide tax documentation, and register with approved platforms such as BitGo or Kraken to get a refund.
The initial payouts amount to roughly $1.2 billion, covering full repayment plus a 9% annual interest rate since November 2022. In the second half of the year, larger claims should be processed, and FTX aims to distribute around $17 billion in total.
FTX Crash Led to Fraud, Jail Time, and Repayments
After an investigation indicated that founder Sam Bankman-Fried and his coworkers had misused customer funds by using them for high-risk trading through Alameda Research, FTX went out of business in 2022. It was once worth $35 billion.
Following their conviction for fraud, Bankman-Fried and four top executives are currently in prison. Meanwhile, creditors are at last getting a refund, albeit under constant risk from cybercriminals seeking process exploitation.
Finally, FTX is disbursing payments to its creditors; however, unscrupulous individuals are exploiting these procedures. Please exercise caution and make sure that you only use official channels to claim your funds if you are an FTX creditor. Never share your wallet information on a website that seems suspicious, and never click on links in emails. Don’t allow con scammers to steal what is rightfully yours; they are waiting for you to make a single mistake.
