Fintech Firm Plaid Cuts FTX From Users’ Bank Accounts Following Regarding Public Reports
Fintech company Plaid has cut off FTX’s access to its users’ bank accounts after disturbing reports emerged that the bankrupt crypto exchange was trying to access them.
In a recent announcement, Plaid, which connects financial accounts with apps or companies, says they will suspend FTX manufacturing access to their products, citing security concerns.
“Based on public reports, Plaid suspended FTX production access to Plaid’s products. We currently have no indication that Plaid has been used as a vector for fraudulent activity. Security is a top priority; we will continue to monitor the situation closely.”
The fintech firm’s actions came after Mike McGuiness, co-founder of Web3 community gm.xyz, tweeted that FTX attempted to access his bank account through Plaid on the morning of November 12. McGuiness provided a screenshot of his Plaid account as evidence.
“PSA (Public Service Announcement): if you have a bank account associated with FTX US, change your bank account password and stop sharing data immediately. Below is a screenshot of my bank account, which they tried to access 40 minutes ago.”
Plaid explains the situation to customers on its website via an FAQ (frequently asked questions), reminding users that they can also remove FTX’s access to their individual accounts.
“Although FTX can no longer retrieve any financial data about you through Plaid, you can also use the Plaid Portal to revoke access for your individual accounts if you wish. You can also revoke FTX access to your individual accounts through your bank’s Security Center , depending on your particular financial institution.”
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