Crypto Exchange FTX to Compensate API Phishing Victims With as Much as $6M

Sam Bankman-Fried has said this is the last time FTX will compensate users for a phishing attack.

AccessTimeIconOct 24, 2022 at 11:41 a.m. UTC
Updated May 9, 2023 at 4:00 a.m. UTC
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Cryptocurrency exchange FTX has agreed to reimburse victims of this weekend's phishing attack with up to $6 million, according to the exchange's CEO, Sam Bankman-Fried.

The phishing scam was in relation to 3Commas, a trading-bot platform that interlinks with FTX via an application programming interface (API).

Scammers reportedly cloned the 3Comma's website before performing trades on victim's accounts, stealing millions of dollars in the process.

"We’ve mostly stamped out sites that try to phish users by masquerading as FTX," said Bankman-Fried on Twitter. "But we can’t fix fake sites impersonating other services. A few users accidentally registered at fake other sites, including 3Commas."

"In this particular case, we will compensate the affected users," he added. "This is a one-time thing and we will not do this going forward."

On-chain data suggests that $6 million was the total amount stolen. 3Commas said late Sunday that only three users had claimed to be affected.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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