$5.6m stolen in FTX debt claims fraud

A scam group pretending to be the FTX debt applicants has frauded two companies over $ 5.6 million, according to a new Digital Inca report.

The authors allegedly Used identities generated by AI and unauthorized access to bankruptcy recordings to execute the diet.

The report identifies the probable culprit as an individual or a group operating under two alias: Lim Chee Chong and Teh Jin Loon.

Inca Digital found that the crook probably manipulated facial appearances using AI tools And provided false Singaporean identity cards with visual differences.

The photos of the authors looked closely like images of Kurtis Lau Wai-Kin, a former professional player currently imprisoned for drug trafficking.

FTX debt sales

Fraud began in June 2024, when the crook sold Ftx Debt claims two companies. Although complaints were verified as legitimate, the two companies then received Kroll rejection notices, the company managing the FTX bankruptcy requests.

Investigators believe that the crook has accessed FTX customers data through public bankruptcy deposits or a 2023 data violation in Kroll.

The blockchain analysis revealed that the stolen funds were channeled by Binance, Coinet and Gate.io. Two addresses linked to the scam sent funds to the same Coinex deposit address, strengthening the suspicion that the alias belonged to the same entity.

In addition, the analysis retraced funds to a bot mev associated with partners of symbolic capital, although Inca Digital could not confirm the involvement of the company.