FTX Recovery Plan: Scam Or Legit? | Recover Lost Funds

FTX Recovery plan Scam
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Is FTX Recovery plan a scam? How to recover funds from FTX Recovery plan? Find the answers to all these questions and more in this guide


FTX Recovery plan has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Tornado Cash. We’ve received over 7 complaints against FTX Recovery plan.

FTX failed in November 2022 because it didn’t have enough money—$8 billion. In March 2023, CEO Sam Bankman-Fried was given a 25-year prison term for fraud. In May 2024, FTX suggested returning customer deposits while assets were being sold. Legal and regulatory problems still exist, which shows that cryptocurrencies need more tight oversight and people need to be more careful about falling for scams.

Get Your Money Back From These Scammers!



Key Takeaways

FTX Recovery plan has lost investors thousands of dollars
FTX Recovery plan website owner is anonymous
Vague terms of service

What is the FTX Recovery Plan?

The company FTX was once a giant in the world of coin exchanges. In November 2022, it filed for bankruptcy, showing an amazing $8 billion hole in its accounts. The exchange went bankrupt because it couldn’t handle the large number of exit requests that came in afterward.

FTX Homepage

Sam Bankman-Fried, who was the CEO and founder of FTX, was given a 25-year prison term in March 2023 for planning a huge fraud at FTX. Caroline Ellison, Gary Wang, and Nishad Singh, along with other top execs from FTX and Alameda, pleaded guilty to stealing from FTX customers and other related charges. The results of these court cases were a big turning point in the fight to hold those guilty accountable.

A big change happened when FTX said in May 2024 that almost all of its customers would get their original deposits back plus an extra percentage, equal to about 118% of the amounts they claimed. This plan, however, needs to be approved by the Bankruptcy Court and relies on FTX’s properties being recovered and sold.

FTX got the money back by selling a group of assets for money, such as startup investments owned by the exchange and other investments belonging to Alameda Research. In a big deal, FTX made almost $900 million by selling most of its shares in the AI company Anthropic. These efforts are very important for getting customers who were affected back their money and restoring some trust in the company that has been hit hard.

The lack of regulation or the presence of poor regulation is a huge red flag. It means FTX Recovery plan is a scam and most likely, an illegal operation.

Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.

That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.

In the case of FTX Recovery plan, victims have nowhere to go due to the absence of a watchdog or license.

You should ask yourself the following questions when you come across a new investment firm or opportunity:

  • Does the investment provider maintain transparency about its CEO?
  • Do they have a license from a renowned regulatory authority?
  • If the need arises, can I reach out to an authority to report this company as a scam?


Concerning Issues Present at FTX Recovery Plan

As the healing process has gone on, there have been some problems. There are claims that Sullivan & Cromwell, FTX’s bankruptcy law company, had a conflict of interest because the firm was involved in the multibillion-dollar fraud at the now-defunct cryptocurrency exchange before getting even richer as FTX’s bankruptcy counsel. A planned class action lawsuit against Sullivan & Cromwell is based on these claims, which has made the ongoing legal battles even more complicated.

Concerns about widespread theft led a federal appeals court to order the hiring of an independent examiner to look into what happened when FTX went bankrupt. The goal of this decision is to make sure that FTX’s finances and business operations are looked at without any bias. This includes claims of fraud that was unique and caused the company to fail. The independent review should put light on the complicated details of the collapse and give a better picture of the fraud and bad management that happened.

Customers of FTX and the cryptocurrency market as a whole have been deeply affected by the company’s collapse and the following legal and recovery efforts. Many customers are still trying to come to terms with the platform’s demise, and a lot of their investments are stuck in bankruptcy procedures. The scandal has also made people pay more attention to and call for control in the cryptocurrency industry, so that similar things don’t happen again.

However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.

They might give you multiple reasons including:

  • A technical error
  • A glitch in their system
  • Banking issues
  • A “hacking attack”

And many others.

But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.

If you want to get your money back from a scammer, you’d need to file a chargeback.


FTX Recovery Plan: Who to Approach? How to Start?

Concerning the end, the problems with FTX’s recovery attempts show how hard it is to deal with the effects of one of the biggest financial frauds in U.S. history.

There is some hope in the plan to return customers’ funds, but the ongoing legal fights and investigations show that the cryptocurrency market needs to be more open and regulated. The crash of FTX is a stark warning of the dangers and weaknesses that come with digital finance, which is changing so quickly. 

When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.

In the beginning, scammers tend to remain very accessible.

This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.

However, they do all this just to win your trust.

Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.

Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.

All of a sudden, their numbers would either stop responding or become unavailable.

Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.

However, in the end, customer support won’t resolve your issues and become increasingly unavailable.

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FTX Recovery Plan Reviews: What Do Others Say?

It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.

Scammers like FTX Recovery plan tend to purchase fake reviews for their online profiles to make themselves seem more credible.

TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.

That’s why you shouldn’t trust FTX Recovery plan reviews easily.

It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.

In the case of FTX Recovery plan, chances are, you wouldn’t find many legitimate reviews.

Another prominent way scammers like FTX Recovery plan enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.

This way, when you’ll look up “FTX Recovery plan reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising FTX Recovery plan.

FTX Recovery plan reviews coverage

You should always look out for consumer complaints. In the case of FTX Recovery plan, the most common complaints I found were about:

  • Poor customer support
  • Delays in payments
  • High fees
  • Lack of transparency regarding their leadership team
  • Aggressive sales staff

Do you have a similar complaint about FTX Recovery plan? You can share your complaint in the comment section or submit an anonymous tip.


Is the FTX Recovery Plan Legit Or a Scam?

FTX recovery plan is still a doubtful endeavor. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.

The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind FTX Recovery plan can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.

The absence of a watchdog also means you cannot report to them to anyone.

Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.

Can You Trust FTX Recovery plan?

All the evidence suggests that FTX Recovery plan is a scam. If you have lost money to them, there is still a chance you can get it back.

To recover your funds, you’d need to file a chargeback.


Frequently Asked Questions

Is FTX Recovery plan a scam?

According to the online reviews of this company, it’s highly probable that FTX Recovery plan is a scam. You should exercise caution when dealing with them.

Can I withdraw money from FTX Recovery plan?

Yes, you can withdraw your funds from FTX Recovery plan by getting in touch with one of our experts. Get your money back immediately.

Where is FTX Recovery plan Located?

There is no information available on the location of FTX Recovery plan.

How do I get my money back from FTX Recovery plan?

To get your money back from FTX Recovery plan, you can file a chargeback. Learn more here.

How The FTX Online Scam Worked

Launch a website/app with a generic name

A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.

Pay influencers & social media pages to promote the scheme

By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.

Send thousands of emails and make cold calls to potential victims

It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.

Make victims feel safe through “small wins”

Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.

Convince victims into investing large sums of money

Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.

Disable withdrawals & take down the website/app

Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.

Repeat the cycle

After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.

Get Your Money Back Free consultation
If you’ve lost money with FTX Recovery plan, we can help you get your funds back. Schedule a free consultation with our team of experts and we will have a look.
An expert will get in touch with you within 48 hours.
FTX Recovery Plan: Scam Or Legit? | Recover Lost Funds
FTX Recovery Plan: Scam Or Legit? | Recover Lost Funds

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