Users with FTX balances stuck are trying everything they can to get their money out. From buying Bahamas-based NFTs to offering bounties to FTX employees, they’re doing whatever they can to retrieve it.
FTX users are attempting various methods to bypass the official process of withdrawing funds from the cryptostraded platform as the crisis continues to permeate through the cryptosphere.
Binance, a cryptocurrency exchange, has announced that it will start withdrawing funds from the Bahamas-domiciled portion of its operations on Nov. 10. The exchange says it intends to operate from its Bahamian headquarters in line with local regulators’ demands.
In an effort to retrieve their funds, FTX users do whatever they can, including purchasing nonfungible tokens on Bamahas-based accounts and offering bounties to FTX employees.
According to podcaster Cobie, many of the users with stuck balances are likely buying NFTs from FTX’s marketplace put up for sale by users based in the Bahamas. Those stuck users pay with their full balances so that the Bahamas-based users can withdraw their funds. Blogger and NFT project founder Foobar also spoke on the process and highlighted that millions of Tether are moved daily.
Other users have offered bounties to FTX employees in exchange for expediting their Know Your Customer (KYC) applications or changing their account details to reflect that they live in the Bahamas, in order to withdraw so far.
In an effort to get more people to move their bank account to the Bahamas, one Twitter user offered $1 million and an unlimited legal fee to any employee of FTX who wanted to live there. Hours after the initial post, the user explained that the idea was merely for fun, but that many people with frozen funds actually wanted to follow the same example.
According to blockchain records, Trader Algod offered $100,000 in cryptocurrency to the employees of FTX to process his KYC request. He was then able to withdraw his funds.
Some think withdrawing funds from an exchange is a poor decision. Crypto researcher FatMan tweeted that bribing an FTX employee and circumventing the bankruptcy procedure for other persons’ balances is not the most sensible strategy.