FTX uses NFT to get around the withdrawal cap for high-end consumers

Users of FTX are doing everything they can to get their money out of the cryptocurrency exchange, from buying nonfungible tokens (NFTs) on Bamahas-based accounts to rewarding FTX staff members.

Observers of blockchain transactions have pointed out that NFTs are being utilised to avoid the bankruptcy procedure in a number of tweets, as well. Cobie, a podcaster, claims that many users with stalled balances are likely purchasing NFTs from individuals headquartered in the Bahamas who have listed them for sale on FTX’s marketplace.

We have started facilitating withdrawals of Bahamian monies in accordance with the rules and regulations of our Bahamian HQ. As a result, you might have noticed that FTX recently processed several withdrawals as we comply with the authorities.

1) Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.

— FTX (@FTX_Official) November 10, 2022

For an FTX employee to move to the Bahamas as their nation of residence, one Twitter user promised to pay $1 million and all future legal costs. After a few hours, the user clarified that it was just a “funny experiment,” adding, though, that a lot of individuals with trapped funds truly wished to do the same thing.

An employee of FTX was offered $100,000 by trader AlgodTrading in exchange for processing his KYC request. Blockchain evidence demonstrates that the user was afterwards able to withdraw money from the cryptocurrency exchange.

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