FTX Deepfakes Go Viral, Phishing Scam Promises ‘Compensation For The Loss’

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The weirdness of the crypto platform that once was FTX is coming to light as the court case over the major bankruptcy is getting underway. Not only did FTX spent some $300 million on holiday homes and other perks for senior staff, it now also seems that Sam’s parents, both law professors as Stanford university, might have received a pretty penny as well.

1 billion missing

According to a widely shared tweet:

Sam Bankman-Fried’s parents bought 19 properties worth $121M over the past two years. $1B of clients funds are still missing at FTX. $70M was traced to political campaign donations. $300M was cashed out by Sam himself. $121M now traced to his parent’s property.

Sam Bankman-Fried’s parents bought 19 properties worth $121M over the past two years

$1B of clients funds are still missing at FTX

$70M was traced to political campaign donations
$300M was cashed out by Sam himself
$121M now traced to his parent’s property

It never ends.

— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) November 22, 2022

Apparently the parents are refusing to comment after it was reported that they, amongst other properties, now own a home with beach access in Old Fort Bay, the Bahamas.

The Old Fort Bay is a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates. Ownership documents indeed show Bankman-Fried’s parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a “vacation home.”

So SBF’s parents - both Stanford law professors with endowed chairs and both specialists in tax law - thought it was just fine for their son’s company to give them a multimillion dollar vacation home in the Bahamas. And all this will go away if they “return the property” to FTX.

— Ben Hunt (@EpsilonTheory) November 22, 2022

Compensation

Lastly, scammers are using those desperate to get their funds back by draining them for even more money. A deepfake video of someone posing founder Sam Bankman-Fried is offering FTX users “compensation for the loss” in a phishing scam designed to drain their crypto wallets.

Over the weekend, a verified account posing as FTX founder SBF posted dozens of copies of this deepfake video offering FTX users “compensation for the loss” in a phishing scam designed to drain their crypto wallets pic.twitter.com/3KoAPRJsya

— Jason Koebler (@jason_koebler) November 21, 2022

Don’t fall for it. The real Sam Bankman-Fried account has gone silent since 16 November.