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 announced 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 suspended FTX’s access to Plaid products as of 11/11/22 at approximately 10:30PM PT. FTX can no longer retrieve any financial information via Plaid.
To provide as much clarity for end-users as possible, we’ve compiled the following FAQs. https://t.co/QbyNtXUH5r
— Plaid (@Plaid) November 13, 2022
In an earlier Tweet, Plaid said 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 reporting 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: If you have a bank account…
