the use of NFT served to circumvent the withdrawal block

While Bahamians are given priority for withdrawing funds on FTX, some investors outside the archipelago have used NFTs as currencies to bypass barriers.

NFT as a temporary solution to FTX blocks

Difficult situations stimulate creativity and the use that some investors have made of non-fungible tokens (NFTs) on FTX underscores this principle. Indeed, while users in the Bahamas have certain facilities to withdraw their funds, NFTs served as currencies to unlock other investors based outside the archipelago.

For this, people who wish to circumvent the restrictions bought NFT from the Bahamas for the amount they wanted to withdrawthen the agreed sum could be sent to external wallets.

This ingenious manipulation was particularly noticed by one Twitter user. In total, 50 million dollars would have leaked in this way. Also note that the FTX teams were also surprised by this application case, if we are to believe their response to this tweet:

Coby asked himself early this morning, the crypto influencer who hosted a surreal live three days ago on an address that withdraws large amounts of USDT worth several million dollars:

Since these operations have been revealed, it is no longer possible to operate in this way on the website, which displays an information banner on the subject. It should also be noted that this maneuver required blind trust on the part of the investors in the third party making the withdrawals.

To withdraw funds if you do not reside in the Bahamas, remains, for the moment, the solution of the tokens of the Tron ecosystem, even if this is very imperfect and requires a financial sacrifice.

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