What happened to FTT?

FTT is hemorrhaging value, crashing 78% in the past 24 hours from roughly $22 to $4.87, according to data from CoinGecko. The FTX token reached a low of $3.12 Tuesday before rising slightly to above four dollars and then back to roughly $5.48 at time of writing. FTT is down nearly 93% from its all-time high of $84 in September of last year.

When did FTX start staking FTT?

FTX created its own digital token called FTT in May 2019. FTX also offered other perks for staking FTT, such as discounts and NFT rewards. In late 2021 and early 2022, the price of Bitcoin started to decline drastically from its high in the beginning of 2021, and other cryptocurrencies started to follow.

What happened to FTT & Bankman-fried?

"Which is what happened here." Today, FTT is still trading on some exchanges, even though FTX has started Chapter 11 bankruptcy proceedings, and Bankman-Fried is under legal and regulatory scrutiny in the United States and around the world. FTT is now valued at less than $2, but surprisingly there is still a market for it.

Why do traders use FTT?

Traders use FTT for operations like paying transaction fees. Last year, Changpeng Zhao, the chief executive of Binance, sold his stake in FTX back to Mr. Bankman-Fried, who paid for it partially with FTT tokens.