Plaid suspends FTX.US access to user data following “concerning” reports
Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers.
In FTX.US’s case, the Products allow users to allow FTX.US customers to link their bank accounts to the FTX App. This will then allow FTX.US to request payments that will be processed by the ACH network.
In a pinned Tweet on November 12, Plaid announced it has suspended FTX’s access to Plaid products at approx. 06:30 UTC on November 12, meaning that “FTX can no longer retrieve financial information via Plaid.”
Plaid suspended FTX’s access to Plaid products from 11.11.22 approx. at 22:30 PT. FTX can no longer retrieve financial information via Plaid.
To provide as much clarity for end users as possible, we have compiled the following frequently asked questions. https://t.co/QbyNtXUH5r
— Plaid (@Plaid) 13 November 2022
In an earlier tweet, Plaid so the suspension was due “regarding public reports”, but noted that there is “no indication at this time that Plaid has been used as a vector for fraudulent activity.”
On November 12, Twitter users began reporting that FTX.US had attempted to access their accounts through Plaid. Reports so far only suggest that users’ data has been accessed, and no reports so far suggest that any funds have been removed.
PSA: If you have a bank account linked to FTX US, change your bank account password and stop sharing data immediately.
Below is a screenshot of my bank account, which they tried to access 40 minutes ago pic.twitter.com/sdnaUFEzOW
— Mike McGuiness ᵍᵐ (@mikemcg0) 12 November 2022
Others have warned others to immediately change their bank account passwords and revoke access rights on Plaid.
If you had Plaid / Stripe connected to FTX, be sure to revoke access to your bank account immediately!
For Chase it’s under Security and Privacy and listed as “MX Technologies” at least for FTX US. pic.twitter.com/lwsuF4iPTQ
— Birch (@BitcoinBirch) 12 November 2022
In an FAQ, Plaid also suggested that some of these access requests may be part of automated checks of financial information performed by Plaid, which are done on a regular schedule.
It has also reiterated that since the suspension of access, FTX has not been able to retrieve any information from Plaid accounts.
The financial technology provider that allows FTX.US users to link their bank accounts to the FTX app has suspended the US-based exchange’s access to its products, citing “public reports” of fraudulent activity.