Native token of bankrupt cryptocurrency exchange FTX FTT Tokenstrengthened with the support of Sam Bankman-Fried. Here are the developments.
FTT Token lost value very hard after the stock market crash. Recently, SBF’s support of the ‘recovery plan’ proposed by influencer Ran Neuner has improved the price of the FTT Token.
Influencer Ran Neuner proposed issuing a new FTT Token and distributing these tokens to creditors. Sam Bankman-Fried supported this suggestion and commented that it could work in recovery.
Neuner, host of CNBC’s Crypto Trader program, which started in 2020, suggested that 100% of the profits be distributed to token holders. He also stated that this idea will re-enforce FTX as a dominant player and unite users.
“Neuner’s proposal is equivalent to a debt restructuring plan,” commented Griffin Ardern. “Sam’s backing of the same seems to have revived hope among investors that they will get their funds back.”
According to TradingView data, FTT Token is Sam Bankman-FriedIt rose 47% to $1.97, the highest level since Nov.
FTX and Alameda Research faced major problems after a news shared by Coindesk. The problems grew in a short time and caused the companies to go bankrupt.
As we have reported as Koinfinans.com, Binance’s announcement that it will sell its FTT Token assets was one of the details that triggered the big problem. FTX filed for Chapter 11 bankruptcy on November 11.
FTT fell 94% to $1.31 in November, destroying billions of dollars in investor wealth. The failure of FTX has been described by many as the crypto’s Lehman Brother incident that took down many of the industry’s heavyweights, including lender BlockFi.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.