What happened to FTT (FTX)?

FTT, a utility token by the failed crypto exchange FTX, jumped double digits on Wednesday after a report that the company’s caretaker CEO has moved closer to restarting the company. The cryptocurrency skyrocketed 33% over the past day, reaching a high of $1.75, after its price cratered in the wake of FTX declaring bankruptcy.

Is the FTX token (FTT) a good investment?

The FTX Token (FTT) has had an interesting couple of weeks. Its fate remains unclear, but as things stand, its outlook isn’t good. FTX Trading was the world’s third-largest cryptocurrency exchange, worth $32 billion, with a token that peaked in September at $85.

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 is FTT so popular?

Its native FTT offered high scalability and speed, and these aspects, combined with its reliability meant it was particularly popular with companies. After peaking in September 2021, the FTT token, like thousands of others, entered the bear market in November as crypto winter began.