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News

Non-US FTX User Names Leaked By Mainstream Media

April 6, 2023 - Around 2 mins mins to read

Key Points:

  • Media outlets object to withholding customer identities during FTX bankruptcy.
  • FTX and customers fail to justify identity secrecy leaving non-US customers vulnerable to attacks.
  • Public access to bankruptcy proceedings for FTX creditors is of utmost importance.
Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings.
Non US FTX User Names Leaked By Mainstream Media

The media outlets filed their objection in an April 4th filing to a Delaware Bankruptcy Court, arguing that the press and public have “a presumptive right of access to bankruptcy filings.” While FTX’s debtors have argued for the names of creditors to be redacted, the media outlets contend that FTX and its customers have not provided sufficient justification for such secrecy.

The Ad Hoc Committee of Non-US Customers of FTX.com has claimed that publicly revealing the names and private information of non-US customers would leave them vulnerable to identity theft, targeted attacks, and other forms of harm. In response, the media outlets have argued that “public access is of the utmost importance” in these proceedings, given the significant public interest in the US legal system’s handling of the largely unregulated cryptocurrency market.

Judge John Dorsey has allowed the names and addresses of FTX’s customers to be redacted for an additional three months in response to the Committee’s filing. However, he remains reluctant to disclose confidential information that could put creditors at risk. This decision comes after crypto lending platform Celsius failed to keep its customers’ names redacted during its bankruptcy proceedings, leading to the disclosure of the personal details of thousands of customers on October 5, 2022.

The dispute highlights the tension between the privacy concerns of cryptocurrency customers and the public’s right to access information about bankruptcy proceedings. As the cryptocurrency market continues to grow and attract more attention, similar conflicts will likely arise in the future, requiring courts to balance the interests of the parties involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

bankruptcy proceedings

FTX

Mainstream Media

Non-US FTX User Names

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Non-US FTX User Names Leaked By Mainstream Media

Key Points:

  • Media outlets object to withholding customer identities during FTX bankruptcy.
  • FTX and customers fail to justify identity secrecy leaving non-US customers vulnerable to attacks.
  • Public access to bankruptcy proceedings for FTX creditors is of utmost importance.
Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings.
Non US FTX User Names Leaked By Mainstream Media

The media outlets filed their objection in an April 4th filing to a Delaware Bankruptcy Court, arguing that the press and public have “a presumptive right of access to bankruptcy filings.” While FTX’s debtors have argued for the names of creditors to be redacted, the media outlets contend that FTX and its customers have not provided sufficient justification for such secrecy.

The Ad Hoc Committee of Non-US Customers of FTX.com has claimed that publicly revealing the names and private information of non-US customers would leave them vulnerable to identity theft, targeted attacks, and other forms of harm. In response, the media outlets have argued that “public access is of the utmost importance” in these proceedings, given the significant public interest in the US legal system’s handling of the largely unregulated cryptocurrency market.

Judge John Dorsey has allowed the names and addresses of FTX’s customers to be redacted for an additional three months in response to the Committee’s filing. However, he remains reluctant to disclose confidential information that could put creditors at risk. This decision comes after crypto lending platform Celsius failed to keep its customers’ names redacted during its bankruptcy proceedings, leading to the disclosure of the personal details of thousands of customers on October 5, 2022.

The dispute highlights the tension between the privacy concerns of cryptocurrency customers and the public’s right to access information about bankruptcy proceedings. As the cryptocurrency market continues to grow and attract more attention, similar conflicts will likely arise in the future, requiring courts to balance the interests of the parties involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News