A representative of FTX creditors, Sunil, has warned about a phishing scam targeting those owed money by the bankrupt exchange.
Taking to X (Twitter), he alerted creditors that scammers were sending fake emails, pretending to be from FTX, in an attempt to steal sensitive information.
FTX Creditors Targeted By Phishing Email Scam
In his post, he advised people to avoid clicking on links, as they lead to fraudulent claims portals. He urged creditors to verify sender addresses and only access the claims portal via official FTX websites, not through emails. He also encouraged users to check updates on X and Telegram channels to stay informed.
This warning comes as FTX creditors continue to face uncertainty over their payouts, with growing concerns about heavy tax deductions in the distribution process.
Creditors Fear Massive Losses from FTX Payouts
FTX’s proposed debt repayment plan has sparked frustration among creditors, who fear that they could lose 30-40% of their expected funds.
Sunil had previously pointed out that the exchange’s distribution mechanism, which mainly involves U.S. dollar payments, could result in severe tax consequences.
Many creditors had initially deposited funds in crypto but are now being paid in fiat, which could create tax liabilities in certain jurisdictions. This has added to the disappointment of those who were already victims of FTX’s collapse.
Also Read: FTX Begins To Repay Creditors Today, Is A $FTT Price Jump Coming?
Crypto Crimes Are Rising in 2025
The FTX scam is just one of many crypto-related frauds happening in 2025. The industry has seen a massive surge in hacks and scams, with February 2025 going down as the worst month in crypto history in terms of financial losses.
According to data, a total of 20 different hacks in February led to a staggering $1.51 billion in stolen funds. The alarming rise in crypto crimes highlights how hackers and scammers are becoming more sophisticated, targeting investors through phishing, Ponzi schemes, and exchange breaches.
CZ Hints at FTX’s Possible Link to 3AC and LUNA Crash
Meanwhile, former Binance CEO Changpeng Zhao (CZ) has stirred up speculation about a possible connection between FTX, Three Arrows Capital (3AC), and the 2022 Terra (LUNA) crash.
CZ responded to a post by an FTX creditor, Mbottjer, who claimed that 3AC had proof that FTX liquidated $1.53 billion of its assets just two weeks before 3AC collapsed.
A judge has confirmed this claim, adding yet another piece to the complex puzzle of crypto failures that shook the market.
These revelations suggest that FTX’s downfall was deeply entangled with other major collapses in the crypto space, possibly worsening the financial losses experienced by investors worldwide.
As scams and frauds continue to rise, crypto users must remain extremely cautious. Fraudsters are constantly looking for new ways to exploit victims, whether through phishing emails, Ponzi schemes, or exchange hacks.
Also Read: FTX Creditors Will Have To Wait Till October For Distribution Of Funds