Customers of FTX try evasive methods to withdraw money in the Bahamas.
Users of the platform are attempting various workarounds to get around the official process of withdrawing their funds from the collapsing exchange as the FTX crisis continues to spread throughout the cryptosphere.
The exchange announced on November 10 that it would start allowing withdrawals of funds held in the Bahamas. The action, according to the exchange, aims to have its Bahamian headquarters comply with local regulators’ requirements.
Users of FTX are doing everything they can to get their money out of the cryptocurrency exchange, from buying nonfungible tokens (NFTs) on Bamahas-based accounts to rewarding FTX staff members.
Observers of blockchain transactions have pointed out that NFTs are being utilised to avoid the bankruptcy procedure in a number of tweets, as well. Cobie, a podcaster, claims that many users with stuck balances are likely purchasing NFTs from users based in the Bahamas who have listed their items for sale on FTX’s marketplace. For the Bahamas-based users to be able to withdraw their money, those stuck users must pay with their entire balances.
Other users, meantime, have started to reward FTX staff members for speeding their Know Your Customer (KYC) applications or updating their account information to reflect that they are located in the Bahamas.
For someone who works at FTX to move to the Bahamas, one Twitter user offered to pay $1 million and all legal costs. The person clarified that it was just a “funny experiment” hours after the initial tweet, but added that many of individuals with trapped finances truly desired to do the same thing.
In a tweet, trader AlgodTrading offered FTX staff members $100,000 in exchange for processing his KYC request. The user was then able to withdraw their money from the cryptocurrency exchange, according to blockchain records.
While withdrawing money from the exchange may seem like a smart move to some, others think it’s a bad one. Crypto researcher FatMan stated on Twitter that it is not the best idea to bribe an FTX employee in order to avoid the credit and bankruptcy processes for other people’s balances.