The Price of FTX Token (FTT) Is Pumping: What’s The Source?

Bitcoin and other cryptocurrencies At a time when it was already on the rise, the extraordinary pump experienced by FTT, the local token of the failed cryptocurrency exchange FTX, drew attention.

FTT Token Gains More than 50 Percent at Peak Point

The price of the altcoin, which was traded at approximately $1.20 before the rise, climbed to $1.71. However, at the time of this writing, the token, which experienced a decline, is trading at approximately $ 1.60.

A 24-hour chart of CoinMarketCap showing the bullish trend of the FTT token.

However, it was understood that the latest rise in the FTT token was the Tweet of Zhu Su, the founder of another bankrupt cryptocurrency company Three Arrows Capital. In his watery tweet, he claimed that “FTX 2.0 will reinvigorate capital and give a second chance to those whose capital is stuck in the sunken stock market.

In addition to this, Su also tagged OPNX, the platform that he founded and where creditors on failed cryptocurrency platforms can buy and sell their receivables as tokens, in his post.

In March of last year, Three Arrows Capital was managing nearly $10 billion in assets, making it one of the world’s leading crypto hedge funds.

The Singapore-based firm filed for bankruptcy in July and said it estimated its assets at around $1 billion. The filing also reportedly included NFTs worth approximately $22 million in assets.

Teneo, the liquidator of Three Arrows Capital (3AC), recently announced that it intends to sell this NFT collection to generate revenue.

*Not investment advice.

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