FTX Says Beware Of Fake Tokens And Scams After Bankruptcy

Updated: 23 February 2023

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FTX’s bankruptcy proceedings have started, and there are already scammers in the market trying to take advantage of the desperate investors who have their assets stuck inside the exchange.

CEO of the now-defunct cryptocurrency exchange has come out and told people to be “on alert for frauds from businesses purporting to be lined with FTX”.

This alert came out through a tweet by those who have been put in charge of conducting FTX’s bankruptcy proceedings.

FTX has not issued any debit token – FTX Tweet says

The FTX situation has created a desperate situation for the cryptocurrency space. While much of the market is trying to move forward from it and push the crypto space back to its golden era – as evidenced by the recent upswing in Bitcoin’s price – there is a section of the sector that wants to scam people.

The latest “debt” token that has been issued is the result of that.

The FTX Debtors remind stakeholders to be on alert for scams from entities claiming to be affiliated with FTX. The FTX Debtors have not issued any debt token and any such offers are unauthorized. All announcements will occur through this account and https://t.co/5G4nXK4kJr

— FTX (@FTX_Official) February 17, 2023

In light of this, the FTX team has come out on Twitter to say that the “FTX debtors have not issued any debit token and any such offers are unauthorized.”

The token in question is a Tron blockchain-based token whose token supply is arbitrary, but CoinGecko has been tracking it. The current price of this asset is $16.29.

Huobi is one cryptocurrency exchange that has listed this token. The token is known as “FTX’s User’s Debt” – FUD – and is available for purchase on spot trading.

The token was introduced as a bond token for the highest quality credits in the FTX event and was issued by DebtDAO. It was claimed to be the highest quality debt asset offered by Huobi.

However, with recent reports saying that this is a FUD asset, the crypto community is wondering where this token came from. So far, Huobi has not commented anything regards to the latest development.

FTX-led Desperation is Still Alive And Well

The fall of FTX has upturned a lot of faith in the cryptocurrency space. And while the recent price charts show the crypto community trying to get out of it – fear is still alive in well.

The introduction of the FUD token and its subsequent dismissal by FTX has not been that prevalent in the years. But it goes to show that investors must be careful where they invest – especially after 2022’s crash.

That is why it is better to look at alternative tokens with better upsides for everyone involved.

Presale projects Offer Far Better Alternatives

The real way to move past the crash caused by FTX and LUNA is to look to the future and invest in presale cryptocurrencies with major upsides. These assets are poised to make returns for the early movers even before the listing date and beyond due to their utilities.

Fight Out

The most prevalent move-to-earn token of 2023 is Fight Out. This presale offering is set to redefine the fitness space within the web 3 domain by making workouts more rewarding, more formidable, and more community-centric.

Powered by the official token known as $FGHT, the Fight Out app aims to bridge the gap between Web 3 and Web 2 fitness applications by bringing M2E into the metaverse.

The project features a free NFT, an avatar that acts as the user’s identity in the metaverse. It levels up and earns REPS – the off-chain currency of Fight Out – within the metaverse as its owner trains their body in real life.

Fight Out has also onboarded the best combat athletes in the fitness industry to inspire more people to join up in the blockchain-powered fitness movement.

The presale of Fight Out is underway, and the token is set to increase its price to $0.02417 within a few hours. So, go to the official website and invest in $FGHT tokens to become part of this movement.

C+Charge

The second presale project that has gotten our interest belongs to the green crypto niche. C+Charge aims to increase the EV adoption rate by fixing the current issues of EV systems.

The official token – CCHG – powers a P2P payment system that makes the EV systems more transparent, more rewarding, and more uniform.

C+Charge also features GNT – Goodness Nature Token – which is basically a tokenized version of a carbon credit. GNT tokens are rewarded to users through a method called reflections.

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