FTX Impersonators Launched “Compensation Program”

While cryptocurrency users are guessing at how to recover their portfolios amid the ongoing bloodbath, scammers are aggressively attempting to jump on the hype train of the FTX/Binance drama.

“FTT Token compensation” program launched by scammers

Today, Nov. 10, 2022, top-tier crypto exchange FTX is still failing to restore transactions, deposits and withdrawals. As such, FTX users and holders of its FTT token are seeking ways to get their funds back.

Meanwhile, scammers on Twitter have launched a “FTT token compensation program.” They guarantee an immediate 1,500 FTT airdrop ($4,125 by press time) to all connected wallets.

Scammers reassure everyone that each noncustodial Ethereum (ETH) wallet connected to their service will receive the reward with no extra action needed:

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FTX Foundation distributes tokens $FTT to active users of the Ethereum blockchain users due to users’ financial losses.

Needless to say, FTX Foundation, a philantropic organization launched by Sam Bankman-Fried and his colleagues, has nothing to do with this website. Also, as the situation with FTX/Alameda’s insolvency is still getting worse, no compensation program should be expected to launch anytime soon.

Why is this scam dangerous?

While the scammers created a very primitive website that can only lure the most gullible investors, some details of this campaign are well done.

For instance, the scammy website has exactly the same name as the original FTX main domain: the redirection is organized through a built-in service. Visitors are redirected to a website with a Cyrillic domain name.

In addition, the Twitter account of this scam campaign retweets all news from the real FTX account (verified with the blue label), so the real and fake news feeds look similar.

As covered by U.Today previously, Binance will most likely reject the deal with FTX. The SBF exchange will likely fall victim to a corporate war with its rival.