FTX Token (FTT) had a parabolic rally with an 81% increase in the altcoin price. This strong rally was interpreted by Sam Bankman-Fried, co-founder of the FTX Derivatives Exchange, as an exciting development for FTT, which lost some of its value about a year ago when it collapsed as a result of mismanagement of customer deposits.
Based on current performance FTT token It is currently trading at $2.22 for the first time since mid-April. The token recently broke all expectations by hitting its year-to-date (YBB) low. Despite a New York jury unanimously finding Sam Bankman-Fried guilty of all seven fraud-related charges, the market presented a positive outlook for the asset.
This positive development is embodied in the potential to restart the exchange, and although there are bidders for the platform, SEC Chairman Gary Gensler recently outlined the conditions that will enable the return of the exchange through the FTX 2.0 campaign.
Speaking at DC Fintech Week, Gary Gensler said the return of the platform is possible under new leadership, preferably with former New York Stock Exchange chairman Tom Farley among the three bidders for the platform.
Koinfinans.com As we reported, Gensler stated that with proper disclosures and the ability to regain customer trust, the now-defunct trading platform could come back to life once again.
FTX Plans to restart the exchange come amid how the ongoing bankruptcy proceedings of the exchange under Sam Bankman-Fried have locked up over $8 billion in customer funds, and if these were returned, customers could be happy and possibly preserve the exchange in the presence of many alternatives.
The exchange, now led by John Ray III, confirmed that it had recovered more than $7 billion in embezzled funds, setting a positive tone for the coin’s future.