Banking
This category includes articles on various topics related to banking such as personal finance, investment, loans, credit cards, online banking, and more.
is to contact customer service. FTX has a customer service team that is available to answer any questions or concerns customers may have about their account or transactions. They can help with any issues regarding deposits, withdrawals, refunds, and other account-related matters.
As victims and the debts owed by FTX continue to mount, scam artists are targeting those seeking to recover their money from the collapsed platform through fake websites.
One such website, identified by Channel Asia News Asia, masquerades as the US Department of Justice and claims to help users withdraw locked funds from FTX after paying legal fees and filling out a form. However, this site is likely a hoax to collect users' login information, warns Singapore police.
Law enforcement agencies have spoken out against these scams before, but with the scale of FTX's collapse, investors are even more vulnerable. As Cointelegraph notes, "FTX's billion-dollar memory hole leaves desperate investors vulnerable to fraud."
FTX claims to owe $100,000 to creditors, but CNBC reports that the number of creditors is closer to 20, with the company's money floor exceeding the millions. Investors, including Bank Industries, FTL of the Temasek government fund, and Singapore's Sequoia investment firm, had put hundreds of millions of dollars into FTX founder Sam Bankman-Fried's venture, some of which he used to purchase luxury properties.
However, FTX investors are not the only ones being targeted by scam artists. According to IB reports, the number of fake websites targeting participants in the cryptocurrency market has increased by over 300% in the first half of the year.
