As a seasoned crypto investor who has experienced the ups and downs of this volatile market, I can’t help but share my strong feelings about the ongoing saga with FTX. I have always been wary of this exchange due to its questionable past, and the recent events only reinforce my skepticism.
The CTO of Ripple, David Schwartz, has weighed in on a situation where a previous FTX user tried unsuccessfully to withdraw funds from the controversially perceived and dysfunctional cryptocurrency exchange, FTX.
David Schwartz expressed profound anger and disillusionment once again towards FTX in a series of tweets. Notably, this cryptocurrency exchange, which was previously among the biggest players in the industry, imploded in November 2022. Its founder and CEO, Sam Bankman-Fried, faced accusations of defrauding investors and was subsequently arrested. He is now serving his prison sentence. Despite this, some users are persistently trying to recover their stranded funds from FTX wallets.
FTX rejects funds withdrawal request
Schwartz retweeted a post from the Twitter account @cuntycakes123, where they recounted their struggle in trying to withdraw their cryptocurrency from the failed FTX exchange.
As an analyst, I’d interpret this situation as follows: The user has presented me with images of emails received from FTX customer support. In those messages, FTX has denied my request for a funds withdrawal due to bank statement figures that are significantly lower than the amount I intended to withdraw from their exchange.
As a crypto investor, I’m now asked by FTX to submit a bank statement confirming that the balance in my bank account matches the amount I wish to withdraw.
“It seems that depositing all my funds into FTX right now means I won’t be able to retrieve them.”
David Schwartz reacted with strong emotion, exclaiming, “Really? I can’t believe that!” or “Are you serious?” would be more polished paraphrases.
What, and I cannot stress this enough, the f*ck?!
— David “JoelKatz” Schwartz (@JoelKatz) June 28, 2024
In March of last year, a Ripple executive disclosed through a tweet that they held some cryptocurrency in their FTX account, which was roughly worth $2,500 at the time. The executive did not share any additional information.
Schwartz warns users against new FTX-related scam
In March 2024, David Schwartz received a warning about a new crypto scam. The scammers falsely claimed to represent FTX’s customer support team. Schwartz, an executive at Ripple, alerted the public about this scheme, explaining that the fraudsters had exploited the ongoing confusion over FTX customers’ compensation claims. These scammers lured people into connecting their wallets to FTX through phishing links under the pretext of expediting the claim process.
Schwartz urged the crypto community to exercise caution when receiving such e-mails.
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2024-06-28 13:17