Crypto exchange FTX’s Terms of Service could be stolen

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Crypto exchange FTX’s Terms of Service could be stolen

According to its terms of service, FTX is not allowed to grab user funds, lawyers say.

Learn how smart money is playing the game of criptocurrency.

FTX has taken billions of dollars in cryptocurrencies from users to support FTX's sister trading entity Alameda Research, which is also owned by FTX CEO Sam Bankman-Fried.

But lawyers looking into FTX's terms of service point out that this may amount to theft.

The FTX Terms of Service says that FTX user accounts are not the property of, or shall be loaned to, FTX Trading. It says that the terms of service guarantee that the user controls the digital assets and that the exchange does not represent or treat Digital Assets in User's Accounts as belonging to FTX Trading. It reassures users that they can withdraw their criptocurrency at any time, subject to outages or downtime.