Phishing scams target FTX creditors as $5B repayment phase launches
FTX Recovery Funds credited via BitGo and Kraken, but locked until May 30
Starting May 27, digital asset trust company BitGo began crediting the second phase of repayments to FTX creditors. Approved users are expected to receive an additional $5 billion through BitGo and Kraken, on top of the $1.2 billion paid out in February.
The BitGo transfers follow a recent announcement by the FTX Recovery Trust confirming plans to repay over $5 billion to creditors. However, these funds will remain locked from trading until May 30.
“The FTX distribution via BitGo has been credited to accounts. Funds are visible but cannot be traded until May 30,” said FTX creditor Sunil Kavuri.
Phishing campaign targets creditors during payout window
The second wave of payments comes amid a surge in phishing attempts, as many FTX creditors have reported receiving fraudulent emails impersonating BitGo, Kraken, and FTX. These emails often redirect users to fake websites to steal login credentials.
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Given the risk, Kavuri urged caution, advising users to never click links in emails — even those appearing legitimate — and instead manually type the official website URLs into a separate browser window to access their accounts.
As we wrote, FTX cuts $2.5 billion in claims after 392K users fail to meet KYC deadline
