With the start of payouts to FTX cryptocurrency exchange creditors, scammers are launching phishing schemes.
Phishing Threats to Creditors
As creditors of the defunct FTX started receiving refunds, a new phishing attack wave began. Scammers are sending out fake emails that appear to be from FTX and are attempting to steal users’ personal information.
FTX Creditors Payment Initiation
On February 18, 2025, FTX began repayments to creditors, prioritizing those owed less than $50,000. To receive refunds, creditors must complete KYC verification, provide tax documentation, and register with approved platforms such as BitGo or Kraken. Initial payouts amount to about $1.2 billion, including full repayment and a 9% annual interest rate since November 2022.
FTX Collapse History
FTX went out of business in 2022 after an investigation revealed that founder Sam Bankman-Fried and his coworkers misused customer funds for high-risk trading through Alameda Research. Convicted of fraud, Bankman-Fried and four top executives are currently in prison. Meanwhile, FTX employees start refunding creditors despite continuous threats from cybercriminals looking to exploit the payment process.
FTX has started creditor payouts, but the risk of phishing attacks remains. Users must be vigilant and only use official channels to claim their funds.
