The FTX token (FTT) increased by 100%+ within 24 hours after FTX Lawyers mentioned that the exchange’s leadership is contemplating reviving it by next year according to reports.
The exchange was the second-most popular crypto trade platform by trade volume, but it collapsed in November 2022, citing mismanagement of customer funds.
According to reports, FTX co-founder Sam Bankman-Fried (SBF) was the main reason for the exchange’s demise.
On November 19, 2022, FTX, along with 120 affiliated crypto companies, filed for bankruptcy in the United States under the Chapter 11 code.
On 12 April 2023, during a court hearing at the United States Bankruptcy Court for the District of Delaware, lawyers representing the exchange said the present leadership team of the failed exchange recovered approximately $7.3 billion in funds, and that additional investigations are underway to recover additional funds.
The legal team at the exchange also affirmed that the current leadership team is thinking about restarting the exchange in the first quarter of next year.
Earlier this year, in a January 2023 interview, The exchange’s current CEO Ray revealed that they were getting ready to restart the platform but made the decision not to do so because the majority of specialists asserted that the exchange’s situation implies that people would not trust FTX’s crypto services anywhere.
This news served as a catalyst for the FTX token (FTT), the exchange’s native token. Within 24 hours, the price of FTT jumped from $1.32 to $2.80. FTT’s current trade price is $2.55, which is 94.5% higher than the last 24 hours’ trade price.
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