FTX Charged More Than $954,000 Commissions From Client

One FTX client described how the exchange imposed him $954,135 in commissions. The trader demands that the amount was accrued as a result of an erroneous deposit that occurred through the fault of the platform itself.

The blog Rekt, which records incidents in the cryptocurrency industry related to exploits, hacks, and other illegal activities, has information about a colossal commission paid by one of FTX's clients. Based on the screenshots provided by the user, the problems started back in late September, when he invested $6.3M in USDP tokens of the Unit Protocol's DeFi loan platform.

The catch is that not too long ago, the USDP ticker also received the Paxos stablecoin. FTX changed PAX to USDP at the end of August, so the trader deposited 6.3M in an unsupported USDP token equivalent to the Paxos stablecoin address.

After clarifying the circumstances, the platform returned the client an erroneous deposit in the amount of $5.4 million, withholding 15% of the transfer commission. Of course, the user was shocked, having lost about 1 million. In addition, according to his version, this completely contradicts the FTX rules related to the clause about “wrong address or chain”. He stressed that the deposit was erroneous, and according to the rules of the exchange, in similar circumstances, a commission is imposed up to 5%, but not 15%.

Nevertheless, at the moment, the rules state that 5% is the minimum commission in case of return of deposits credited to the wrong address. This will allow FTX representatives to easily fend off accusations. The user will continue to bend the line that the exchange did not notify about the change in the PAX token ticker. He also attached his complaint about how the exchange interface looked in the desktop version and the version for iOS yesterday. The screenshot clearly shows that in one case, instead of PAX, there is indeed a button with USDP.

Whether the client's problem will be resolved peacefully or will still lose his $954,135 is still unknown. Although the exchange's support service, he said, stated that the decision on the 15% commission was final.

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