The reasons for the significant drop in the most famous cryptocurrency fraudster’s token have been revealed

The cryptocurrency FTT, the native token of the now-defunct FTX exchange, has recently experienced a significant drop. Speculation arose from FTX’s decision not to relaunch Сем Бенкман-Фрід" href="https://noworries.news/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried's platform, contrary to previous expectations.

This comes after positive price movements and optimistic forecasts for FTX’s revival just a few months ago. Kaiko’s research revealed a significant drop in the FTT token following the announcement that the FTX cryptocurrency exchange will not be relaunched after its November 2022 crash.

«The FTT exchange token lost more than 30% of its value last week following reports that the exchange will not resume operations. FTT, which has no real use case after the FTX collapse, has more than tripled in price since November 2023 on hopes of an FTX revival ,» Kaiko researchers wrote.

In April-May 2023, after the news of the exchange’s possible return, the cost of FTT increased by 100%. However, the decision not to restart the exchange was made after months of negotiations with potential bidders and investors.