For each user of FTX impacted by the recent hack, Chiliz, a pioneer in sports networking platforms, has set aside up to CHF ten thousand tokens in recompense. This amount is approximately thirty-eight million CHF. 

Fraudulent FTX users have a lifeline thanks to Chiliz

A CHZ thirty-eight million fund has been announced by Chiliz, a Maltese athletics crypto-based company, to aid impacted FTX users. Chiliz Chief executive officer Alexander Dreyfus revealed in a Twitter post on the 13th of November, that the company will give each user who has experienced fraud $10,000.

In order to compensate specific users who are unable to withdraw money from FTX, the technology engineers promised thirty-eight million CHZ to be transferred to open wallet when they announced the recovery plan on Twitter. 

$35 million CHZ relief fund

Chiliz stated in a Twitter post that the thirty-eight million dollars on the network represents the sum that was in their personal account until a week before. Additionally, Chiliz claims that his latest enterprise is just for individuals, not organizations. The plans, nevertheless, are pending the full court-ordered revaluation and support by the liquidator to supply a list of affected clients. 

Over $400 million hack

More than four hundred million dollars was stolen as a result of a hacker attack that occurred a week ago on 12th of November on the troublous trading platform FTX. This unexpected event took place merely hours after the trader stated its failure. Dreyfus stated that the hack resulted in the theft of thirty-seven million CHZ. 

The second aid provided since FTX closed is through the Chiliz Rescue Fund. This strategy was invented by J. Sun, the Chief executive officer of the well-known cryptocurrency exchange and token Tron.

According to Crypto News, on November 12, TRON Labs and FTX signed a contract to back up Sun’s strategy for recovering TRX. The plans were launched on last week to let users draw back their coins from the trading service, with an initial capital investment of $13 million. 

TRX and other Tron-related tokens are accepted as payment methods. With a continued commitment to serving its customers, Sun claims that its team now wants to be overly intrusive early on.