FTX’s Exchange Token FTT Sees Mysterious Pump Amid Bankruptcy Case, SBF Fraud Charges

As the FTX bankruptcy lawsuit and fraud charges against co-founder Sam Bankman-Fried proceed to unfold, the worth of the exchange’s token, FTX Token (FTT), has seen important growth. Since Jan. 9, 2023, FTT has risen 28.42% and presently sits supra the $1 range, pursuing a dip beneath that threshold.

FTT Token Jumps 28% Rising Above the $1 Threshold

The worth of FTX’s speech token, FTT, has seen a marked summation implicit the past 2 days. On Jan. 9, 2023, the coin reached $1.36 per unit. While immoderate of those gains person been lost, FTT is presently holding supra the $1 scope astatine $1.22 per coin arsenic of 9:30 a.m. Eastern Time connected Jan. 11, 2023. The crushed for this surge successful worth is uncertain, arsenic FTT’s tokenomics are tied to the now-defunct FTX speech and its imaginable aboriginal growth.

FTT/USD illustration connected Jan. 11, 2023.

FTT’s levels of ownership concentration are highly high, with a azygous code controlling 59.55% of the full FTT supply. Additionally, an chartless hacker holds 45.85 cardinal FTT tokens, comprising 13.94% of the circulating supply. Another chartless code holds 10 cardinal FTT, oregon 3.04% of the full supply. FTT’s worth fell beneath the $1 scope connected Dec. 19, 2022, and remained beneath that threshold until a spike connected Jan. 9, 2023.

The astir progressive crypto exchanges trading FTT presently see Binance, Mexc Global, Kucoin, Gate.io, and Sushiswap. On Sushiswap alone, determination is astir $104,496 successful FTT trades paired against wrapped ethereum (WETH). The wide planetary trading measurement for FTT is astir $23.81 cardinal among each exchanges worldwide. Since the FTT token’s all-time debased 12 days agone connected Dec. 30, 2022, erstwhile it reached $0.827 per unit, it has risen 45.8%. However, it remains 98.6% down from its all-time precocious of $84.18 per portion reached connected Sept. 09, 2021.

With Sam Bankman-Fried (SBF) facing charges of fiscal fraud and FTX filing for bankruptcy, the aboriginal of FTT is uncertain. Despite this, the token has not experienced the aforesaid crisp diminution arsenic Terra’s LUNA did past May. FTT’s tokenomics were intimately tied to those of FTX, including providing traders with reduced fees connected the now-defunct crypto exchange, and present the coin’s tokenomics are successful disarray.

FTT is among galore crypto assets that person managed to past contempt a deficiency of improvement oregon wide tokenomics. It has present go thing for traders to speculate connected arsenic a hobby, and successful airy of the ongoing ungraded involving SBF and FTX, it is hard to presumption it seriously.

What bash you deliberation astir FTT’s marketplace show amid FTX’s bankruptcy lawsuit and the fraud charges against FTX’s co-founder Sam Bankman-Fried? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.