FTX Wrongly Charges Customer $1 Million

An aggrieved FTX customer who reportedly deposited crypto into a wrong address was charged nearly $1 million fee by the exchange for recovering his asset. This was revealed by a blog post from Rekt.

According to the trader, the exchange was punishing him for a mistake caused by them. He wanted to deposit $6.3 million into USDP, a stablecoin token for Unit Protocol which is a DeFi borrowing platform instead the amount was paid into Paxos Stablecoin which was renamed into USDP.

The trader noted that the exchange did not inform its users about this change and that led to him wrongly depositing into the wrong account.

The main issue arose after the exchange compensated the trader with $5.4 million instead of their full initial deposit. This means FTX deducted a 15 percent fee for recovering the stablecoin.

Raising this issue with the exchange’s customer support, the blog post revealed that the firm offered no explanation on why it was charging the customer that high when its policy stated that it would charge between “$500 and 5%” only.

Rekt revealed that attempt to get a response from FTX has been futile as it urges the exchange to either charge what it policy states or explains why it is charging the customer more.

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