Associated Incidents
A scam group posing as FTX debt claimants defrauded two companies of more than $5.6 million, according to a new report from Inca Digital.
The perpetrators allegedly used AI-generated identities and unauthorized access to bankruptcy records to execute the scheme.
The report identifies the likely culprit as an individual or group operating under two aliases: Lim Chee Chong and Teh Jin Loon.
Inca Digital found that the scammer likely manipulated facial appearances using AI tools and provided fake Singaporean ID cards with visual discrepancies.
The perpetrators' photos closely resembled images of Kurtis Lau Wai-kin, a former professional gamer currently imprisoned for drug trafficking.
FTX debt sales
The fraud began in June 2024, when the scammer sold FTX debt claims to two companies. Although the claims were verified as legitimate, both firms later received rejection notices from Kroll, the company managing FTX's bankruptcy claims.
Investigators believe the scammer accessed FTX customer data through public bankruptcy filings or a 2023 data breach at Kroll.
Blockchain analysis revealed that the stolen funds were funneled through Binance, CoinEx, and Gate.io. Two addresses linked to the scam sent funds to the same CoinEx deposit address, reinforcing the suspicion that the aliases belonged to the same entity.
Additionally, the analysis traced funds back to an MEV bot associated with Symbolic Capital Partners, though Inca Digital could not confirm the firm's involvement.