FTX Vietnam to Repay Users Soon

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Key Takeaways:

  • According to reports, FTX users in Vietnam have received emails saying they will ultimately receive their money.
  • Although FTX was not a significant player in Vietnam, the news of its bankruptcy came as a surprise to local investors. 

Many Vietnamese investors have received letters from the bankrupt cryptocurrency exchange FTX stating that they are trying to get their money back.

Several Vietnamese investors have stated that they received an email from FTX requesting them to confirm information for the refund, which has brought this to light. One of the beneficiaries is Hoang Quan, a Da Nang-based cryptocurrency investor. 

Although it seems like a scam email, the Vietnamese crypto community has verified that it is not one. Hoang Quan in Da Nang originally believed the email to be a scam, but after hearing from other FTX users who also received the email, Hoang felt more secure. Hoang then went on to validate the information by clicking on a link.

Many Vietnamese investors were shocked to see their money vanish after bottom-fishing FTT tokens because they had no idea that FTX, the once-second-largest cryptocurrency exchange in the world, would fail. 

It’s essential to keep in mind that Vitenam has shown to be very open to development in the cryptocurrency space. According to the most recent statistics, roughly 17% of Vietnamese people have joined the cryptocurrency bandwagon. Based on the “Vietnam Crypto Market Report 2022,” 16.6 million Vietnamese people are in control of digital currencies, with bitcoin being the most widely used one. 

Users listed in the report analyze the email to be authentic, and they consider the account balances to be correct. The email also warns recipients that any funds that are distributed must be settled in court. The amount that will be reimbursed is unknown. 

The balance in investors’ accounts on November 11, 2022, when FTX applied for bankruptcy protection, is mentioned in the mail. The email also states that the reimbursement schedule will be decided by the courts and that this is only evidence of assurance for investors.

The community administrator, Tu Quynh, has stated that it is unclear how the refund will be handled but expects that enough of it will be. The amount of money Vietnamese customers lost as a result of FTX’s demise is unknown. Although it was the third-largest cryptocurrency exchange in the globe, Vietnamese investors did not quite prefer it. 

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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