Crypto Exchange FTX To Provide $6 Million Phishing Compensation

FTX’s chief executive officer, crypto billionaire Sam Bankman-Fried, said on Twitter on Monday that the decision was unilateral because the firm would not make a “habit” of compensating users caught in phishing attempts targeting non-FTX websites. ,

If criminals repatriated 95% of the $6 million taken from FTX accounts within 24 hours, “we will exonerate them,” Bankman-Fried said.

Last week, Bankman-Fried proposed in a blog post what he called the “5-5 standard,” where crypto hackers keep 5% of the amount taken from the protocol, or $5 million, whichever is smaller.

It was part of an effort to curb the security exploits plaguing the digital-asset industry.

This story has been published without modification in text from a wire agency feed.