Fintech Firm Plaid Cuts Off FTX From Users’ Bank Accounts Following Concerning Public Reports


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Fintech company Plaid has cut off FTX’s access to its users’ bank accounts after troubling reports surfaced that the bankrupt crypto exchange was attempting to access them.

In a recent announcement, Plaid, which connects financial accounts with apps or companies, says they’ll be suspending FTX production access to its products, citing safety concerns.

“Based on concerning public reports, Plaid suspended FTX production access to Plaid’s products. We don’t currently have any indication that Plaid has been used as a vector for fraudulent activity. Security is a top priority; we’ll continue to closely monitor the situation.”

The fintech firm’s actions came after Mike McGuiness, the co-founder of Web3 community, tweeted that FTX attempted to access his bank account through Plaid on the morning of November 12th. McGuiness provided a screenshot of his Plaid account as evidence.

“PSA (Public Service Announcement): if you have a bank account linked to FTX US, change your bank account password and stop sharing data immediately. Below is a screenshot of my bank account, which they tried accessing 40 minutes ago.”

Source: Mike McGuiness

Plaid explains the situation to customers on its website via a FAQ (frequently asked questions), reminding users they can also remove FTX’s access to their individual accounts.

“Although FTX can no longer retrieve any financial data about you via Plaid, if you would like to, you can also use Plaid Portal to revoke access for your individual accounts. You may also be able to revoke FTX access to your individual accounts via your bank’s security center, depending on your particular financial institution.”

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