Sam Bankman-Fried's cryptocurrency has grown by more than 120% since the beginning of 2023

According to the Kaiko platform, the cryptocurrency of the bankrupt FTX exchange, whose founder is under house arrest, has grown significantly since the beginning of 2023. The value of the FTT token suddenly rose by 120%.

The FTT rally is happening even though the number of platforms trading the token has dropped from 28 to 6. The volume of FTT trading remains low, which could be a trigger for further growth, analysts believe.

In addition to FTT, the cryptocurrencies of another well-known fraudster, До Квон" href="https://noworries.media/biography/do-kvon/" data-bio-id="3665">Do Kwon, occasionally increase in value. Terra Classic (LUNC) and TerraClassicUSD (USTC) are showing growth despite the lack of a clear roadmap and transparent tokenization. Thus, in early October 2022, USTC grew by 57%, reaching a monthly high.

Hoping to attract the attention of gullible investors, hackers created a fake cryptocurrency of the bankrupt FTX exchange. To get other people’s money, the fraudsters used a standard scheme where the FTX 2.0 token’s smart contract states that it cannot be sold for a certain period of time after purchase. This means that users will not be able to get their money back by purchasing the token. And after some time, the attackers will withdraw liquidity (rug pull), leaving investors with nothing.

It is worth noting that FTT’s growth and the launch of a new fraudulent token followed a statement by the newly appointed FTX CEO John Ray about the possibility of reviving the trading platform. Ray called the resumption of FTX’s work one of the options for restructuring the company and returning customer funds. Amid rumors of a possible relaunch of the cryptocurrency exchange on January 19, FTT rose by 23.8%.