Response Plan: How Domestic FTX Users Should Respond to the FTX Collapse
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Maintain Your Account:
- Do not delete your FTX account until the Chapter 11 bankruptcy or liquidation process is fully completed. Keep it active.
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Secure Evidence:
- Prepare for potential hacking or account deletion by capturing and securely storing token holdings, account information, and transaction records to prove your creditor status with FTX.
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Verify Creditor List:
- Once FTX's Chapter 11 or liquidation process is approved, the appointed administrator will organize a creditor list. Most users will likely be automatically included, but in case of exclusion, notifications may be sent via email or other communication channels.
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Beware of Phishing:
- Verify the authenticity of any emails or messages claiming to be from FTX. Be cautious of phishing scams and avoid falling victim to fraudsters.
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Engage with Communities:
- Join domestic victim communities to stay updated with the latest information and collaborate with other affected users for collective actions and insights.
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Plan for Time:
- Understand that the recovery process may take 1–2 years. Manage expectations and avoid unnecessary stress during the waiting period.
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Avoid Secondary Scams:
- Beware of offers to buy your FTX claims at a discount or to assist with debt collection. Such proposals may lead to secondary fraud.
Key Takeaway:
Domestic FTX users should keep their accounts active, prepare evidence to establish creditor status, and avoid phishing and secondary scams. Stay informed by monitoring updates on the Chapter 11 or liquidation process and participating in victim communities to navigate the situation effectively.
