• Media outlets Bloomberg, Dow Jones, The New York Times and Financial Times filed an objection to redacting customer details of bankrupt FTX exchange.
• They argued that there was no legal basis to redact the FTX’s customer names according to foreign laws.
• They added that crypto owners are like everyone else scammers can target, and sealing individuals’ names would not be enough to protect them from fraud.
Media Outlets Object To Redacting 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. According to the media firms, such conjecture should not overcome the public’s presumptive right of access to bankruptcy filings.
Objection Based On Legal Basis
The media outlets argued that there was no legal basis to redact the FTX’s customer names pursuant to foreign laws. According to the filing, crypto owners are like everyone else scammers can target. It added: “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.” To further bolster their point, the news outlets wrote that releasing personal information is only permissible under certain circumstances which FTX failed demonstrate in this case.
FTX Failed To Demonstrate Certain Circumstances
The media houses further argued that FTX failed to demonstrate how releasing its customer information would subject them to scams, identity theft, personal attack or online victimization. To support their argument they noted that crypto owners are like everyone else scammers can target and sealing individuals’ names would not be enough protection from potential fraud cases they may face if their information is released in public records or documents related with bankruptcy proceedings or other matters related with FTX exchange or its customers.
Public Access To Bankruptcy Filings Presumed
The media firms stated in their filing that releasing personal information is only permissible under certain circumstances which FTX failed demonstrate in this case thus asking for denying release of any confidential commercial information related with non-U.S citizens customers of bankrupt FTT exchange as it does not meet any legal requirements for doing so nor does it provide protection from potential scams or any other kind of attacks related with revealing such sensitive data . This presumption also includes public access granted towards all types of bankruptcy filings which should not be overridden due speculations about luring away rival firms by releasing such sensitive data publicly .
To sum up , four traditional media companies have expressed their objection against redacting customer details belonging outland citizens who used services provided by bankrupted Exchange FTT along with providing valid legal arguments why such move should not take place as it breaches fundamental rules regarding public access towards all type bankruptcy filings while also failing provide sufficient safety measures against potential risks associated with revealing such sensitive data publicly .