We Will Not Make A Habit Of Compensating For Users’ Getting Phished By Fake Versions Of Other Companies: FTX CEO Sam Bankman-Fried 

• The CEO of FTX, Sam Bankman, stated on Twitter that the exchange will not compensate users who have been phished by fake versions of other companies.
• SBF later added that the firm would compensate the phishing victims “one last time.”

The CEO of the leading cryptocurrency exchange  Sam Bankman-Fried has declared that he will not make a habit of compensating users who have been phished by fake versions of other companies. 

Bankman-Fried took to Twitter to announce that he would compensate $6 million worth of funds to users who were recently involved in a phishing scam, but later stressed that it would be a “one-time” thing and that the exchange “will not do this going forward.”

FTX To Compensate $6 Million To Users Involved In The Latest Phishing Scam 

The CEO of FTX crypto exchange, Sam Bankman-Fried, took to Twitter to share an update on the latest phishing scam that permitted hackers to gain access to the user’s API to conduct illicit crypto trades and transfers. Bankman-Fried announced how FTX would be moving forward with the plan to compensate its users, but later outlined that this would be a “one-time thing.”

1) Phishing sucks

The FTX CEO later added that the exchange won’t make a habit of compensating its users for getting phished by fake versions of other companies. 

“But in this particular case, we will compensate the affected users. THIS IS A ONE-TIME THING AND WE WILL NOT DO THIS GOING FORWARD. THIS IS NOT A PRECEDENT. We will not make a habit of compensating for users getting phished by fake versions of other companies!” SBF tweeted 

14) But this once, we’ll do it; roughly $6m total.

(To be clear, only for FTX accounts! Hopefully other exchanges will comp theirs.)

BUT AGAIN NOT A PRECEDENT, WE WILL NOT GOING FORWARD.

Some FTX users were recently targeted by malicious attackers. The attack saw hackers gain access to the user’s API keys to conduct illicit transfers. The attack was first reported by 3Commas on October 21.

SBF further went forward with his 5-5 standard, a proposal which was first mentioned in a blog uploaded by the firm on October 19. While tweeting other details regarding the compensation, SBF also went ahead to experiment with his newly dubbed 5-5 standard, where the hackers would keep $5 million or 5% of the amount they’ve stolen, or whatever is smaller.

15) Anyway — maybe a time to try out the 5-5 standard on the 3Commas/phishing scammer!

If they send back ~$5.7m (~95%) of the scam within 24h to 0xD15ff86129c3Da57756b33827DfFF6D252602284, we’ll absolve them.

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