Scam Alert: Singapore Police Warn Of Fake Website Promising To Help FTX Investors Recover Funds

The Singapore Police warned crypto investors, especially those who invested in the bankrupt crypto derivatives exchange platform FTX, to be cautious of fake websites claiming they can help them recover their funds.

After FTX surprisingly filed for bankruptcy on Nov. 11 and its CEO Sam Bankman-Fried resigned from his post, over a million FTX investors knew they could not get their funds back. Now malicious actors have their eyes set on FTX investors, banking on their loss and enticing them with the possibility that they could have their funds back, the Singapore Police said.

The Singaporean authorities warned the public about a fake website claiming to be hosted by the U.S. Department of Justice. The scam, which promises unsuspecting investors they would have their FTX investment back, asks for the login name and password of the investor on the FTX cryptocurrency exchange platform.

"This website was created with the support of the SEC and the Ministry of Justice to return funds to the victims of the bankruptcy of FTX International, which declared bankruptcy on November 10 in accordance with Chapter 11 of the US Bankruptcy Code," the site read. "This website was created with the support of the SEC and the Ministry of Justice to return funds to the victims of the bankruptcy of FTX International, which declared bankruptcy on November 10 in accordance with Chapter 11 of the US Bankruptcy Code," it further said.

"If you are affected by FTX bankruptcy, log in to your FTX account and fill out the form to identify your funds in order to return the blocked funds due to FTX bankruptcy. The commission will be withheld to pay for the services of lawyers," the website read.

"If you want to withdraw your funds, go through verification with a cold wallet with a transaction history," the site further noted and provided the login, password, and login button on the page.

Warning the public about the website, the Singapore Police said that it is "likely a phishing website for collecting login credentials."

Singapore is known to have stricter regulations when it comes to retail trading and self-hosted wallers. It has repeatedly warned investors that cryptocurrencies are highly speculative assets. Singapore also banned cryptocurrency advertising on social media.

Almost 10 days after FTX filed for bankruptcy, stories about the company, its former CEO Sam Bankman-Fried and other executives of the collapsed crypto exchange platform continue to unravel. Bankman-Fried is currently in the Bahamas.