FTX Customer Details: Media Outlets Ask Court to Release
• Traditional media companies Bloomberg, Dow Jones, The New York Times, and Financial Times have filed objections against redacting information of non-U.S. customers of the bankrupt exchange FTX’s
• The media companies argued that there was no legal basis to redact the FTX’s customer names pursuant to foreign laws
• They argued that FTX failed to demonstrate how releasing its customer information would subject them to scams, identity theft, personal attack, and online victimization
Media Companies Object to Redaction of FTX Customer Details
Four traditional media companies — Bloomberg, Dow Jones, The New York Times, and Financial Times — have filed objections against redacting information of non-U.S. customers of the bankrupt exchange FTX’s. In a May 3 court filing, the media houses argued that FTX’s effort to establish that the names of its customers constituted confidential commercial information was based on speculations that rival firms might try to lure them away.
Lack of Legal Basis For Redaction
According to the media firms, such conjecture should not overcome the public’s presumptive right of access to bankruptcy filings. They further argued that there was no legal basis for redacting names pursuant to foreign laws.
FTX Fails To Demonstrate Risk Of Release
The media outlets also wrote that FTX failed to demonstrate how releasing its customer information would subject them to scams, identity theft, personal attack or online victimization. According to their arguments in court documents: “If being targeted by phishing emails and other fraud vectors were enough to justify sealing individuals’ names then virtually every individual party to a bankruptcy proceeding could litigate anonymously.“
Crypto Owners Are Like Everyone Else
To further bolster their point they wrote that crypto owners are like everyone else scammers can target which means if this argument is accepted then it will open up a floodgate for all parties involved in bankruptcy proceedings seeking anonymity due to potential threats from criminals or scammers.
In conclusion it is clear why these traditional media outlets are objecting against redaction and maintain that there is no legal basis for it as well as an insufficient reason provided by FTX regarding risk associated with releasing customer details publicly.