The digital token of the bankrupt FTX crypto exchange has sharply increased by 60%

On Sunday, September 29, the FTT token, which belongs to the bankrupt FTX cryptocurrency exchange, surprised the market with a sharp rise of more than 60%. This was the largest increase among all cryptocurrencies over the past day, despite the overall decline in cryptocurrency market capitalization by 1.89%. FTT’s trading volume increased by an impressive 3734%, bringing the token back to price levels not seen since mid-March.

Such a sharp rise in the virtual asset was unexpected, as FTT currently has no practical application. It lost more than 90% of its market value after the revelation of FTX’s fraudulent activities, which led to its bankruptcy in the fall of 2022. The exchange’s founder , Сем Бенкман-Фрід" href="https://noworries.news/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried , was sentenced to 25 years in prison earlier this year for his role in the fraudulent scheme.

The rise of the FTT digital token coincided with rumors that FTX would start paying out to fraud victims on September 30. However, these rumors were denied by FTX activist and creditor Sunil Kavuri, who said that the next court hearing on the restructuring plan will be held on October 7. If the plan is approved, payments to creditors with claims of up to $ 50,000 could begin by the end of 2024, with larger claims being paid by the first or second quarter of 2025.

At the time of writing, the FTT token was trading for $ 2.31, representing a 33.61% increase over the past 24 hours.