A phishing attack is targeting FTX creditors just days before the bankrupt exchange begins its long-awaited payout process.

On Feb. 16, FTX creditor Sunil Kavuri sounded the alarm on X about a potential data leak, warning that scammers are now sending phishing emails to creditors.

According to Kavuri, the leak likely stems from FTX or its claims agent, Kroll, exposing users’ full names and email addresses. As a result, bad actors are posing as the bankrupt exchange in an attempt to defraud victims.

A screenshot shared by Kavuri reveals that one of the phishing emails urges recipients to verify their recovery phrase for security reasons. The message contains a malicious link, likely designed to steal sensitive information.

Kavuri cautioned FTX creditors against clicking on links from unsolicited emails. He advised them to verify sender addresses, check the official claims portal for updates, and rely on FTX’s official channels on X for accurate information.

This latest scam follows a series of phishing attacks that have plagued FTX creditors since the exchange’s collapse.

FTX repayment

Meanwhile, this one arrives at a particularly sensitive time, as repayments are about to begin.

Earlier this month, the Joint Official Liquidators (JOLs) of FTX Digital Markets Ltd. confirmed that distributions for small creditors will commence on Feb. 18. Those with Convenience Class claims—valued at $50,000 or less—are set to receive full repayment and a 9% post-petition interest rate.

The funds will be distributed through verified BitGo accounts linked to creditors’ registered email addresses. To avoid processing delays, claimants must confirm their account details via the claims portal.

While many industry players have argued that this payment could further usher in the bull market. Kavuri estimates that around 50% of claim buyers, representing $400 million, are unlikely to reinvest in crypto.

Meanwhile, the original FTX creditors, who also account for roughly $400 million, are expected to retain only a portion of their repayments in digital assets.

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