Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers.
In FTX.US’ case, its products enable users to allow FTX.US customers to connect their bank accounts to the FTX app. This would then allow FTX.US to request payments that will be processed by the ACH network.
In a pinned Tweet on Nov. 12, Plaid ugekënnegt it has suspended FTX’s access to Plaid products as of approximately 6:30 am UTC on Nov. 12, meaning that “FTX can no longer retrieve any financial information via Plaid.”
Plaid suspendéiert FTX Zougang zu Plaid Produkter ab 11/11/22 um ongeféier 10:30PM PT. FTX kann keng finanziell Informatioun méi iwwer Plaid recuperéieren.
Fir sou vill Kloerheet fir Endbenotzer wéi méiglech ze ginn, hu mir déi folgend FAQs zesummegesat. https://t.co/QbyNtXUH5r
— Plaid (@Plaid) November 13, 2022
In an earlier Tweet, Plaid gesot the suspension was due to “concerning public reports,” though noted that there is “currently no indication that Plaid has been used as a vector for fraudulent activity.”
On Nov. 12, Twitter users began Informatiounsblat that FTX.US had attempted to access their accounts through Plaid. Reports so far only suggest that the users’ data has been accessed, and no reports so far suggest that any funds have been removed.
PSA: Wann Dir e Bankkonto mat FTX US verbonnen hutt, Äert Passwuert fir Äert Bankkonto z'änneren an d'Donnéeën direkt ze deelen.
Drënner ass e Screenshot vu mengem Bankkonto, op dee si virun 40 Minutte probéiert hunn pic.twitter.com/sdnaUFEzOW
— Mike McGuiness ᵍᵐ (@mikemcg0) November 12, 2022
Others have warned others to immediately change their bank account passwords and to revoke access rights on Plaid.
If you had Plaid / Stripe connected to FTX make sure to revoke access in your bank account immediately!
For Chase it’s under Security & Privacy and listed as “MX Technologies” at least for FTX US. pic.twitter.com/lwsuF4iPTQ
— Birch (@BitcoinBirch) November 12, 2022
In an FAQ, Plaid also proposéiert that some of these access requests could be part of automated financial information checks conducted by Plaid, which are done on a regular schedule.
It has also reiterated that since suspending access, FTX has not been able to retrieve any information from Plaid accounts.
The financial technology provider that allows FTX.US users to link their bank accounts to the FTX app has suspended the U.S.-based exchange’s access to its products, citing “concerning public reports” of fraudulent activity.
Source: https://cointelegraph.com/news/plaid-suspends-ftx-us-access-to-user-data-after-concerning-reports