Plaid suspends FTX.US access to user data after ‘concerning’ reports

Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers.

In the case of FTX.US, its products allow users to authorize FTX.US customers to connect their bank accounts to the FTX app. This would then allow FTX.US to request payments which will be processed by the ACH network.

In a pinned Tweet on Nov. 12, Plaid announcement it suspended FTX’s access to Plaid products effective approximately 6:30 UTC on November 12, meaning “FTX can no longer retrieve any financial information through Plaid.”

In a previous Tweet, Plaid said the suspension was due to “regarding public reporting”, but noted that there is “currently no indication that Plaid has been used as a vehicle for fraudulent activity”.

On November 12, Twitter users started reports that FTX.US had attempted to access their accounts through Plaid. So far, reports only suggest that user data has been accessed, and no reports so far suggest that funds have been removed.

Others warned others to immediately change their bank account passwords and revoke access rights to Plaid.

In an FAQ, Plaid also suggested that some of these access requests could be part of Plaid’s automated financial information checks, which are performed on a regular schedule.

He also reiterated that since the suspension of access, FTX has not been able to retrieve any information from Plaid accounts.

The fintech provider that allows FTX.US users to link their bank accounts to the FTX app has suspended the US-based exchange’s access to its products, citing “public reports of” fraudulent activity .