FTT Token Skyrockets By Over 100% Following FTX's $7.3 Billion Recovery

FTT token surges by over 100% after FTX recovers $7.3B in cash and crypto assets. Recovery increased over $800M since Jan. Positive for former users, but potential relaunch raises questions about FTX's future.

Timeline of Ftx-token

Failed crypto exchange FTX's native token, FTT, is expiring upside volatility, recording important profits over today's trading session. The token is reacting to the news of FTX's potential relaunch.

FTX, the cryptocurrency exchange that collapsed spectacularly in November, is considering reopening at some point in the future as it navigates bankruptcy, its attorneys from Sullivan & Cromwell said in a court hearing on Wednesday.

FTX News: Former CEO Sam Bankman-Fried reached an agreement with US prosecutors on new bail conditions set forward after modifications agreed upon by both parties. Lawyers asked the court to sign the proposed documents with details on the phone and a laptop with limited access to the internet.

The crypto community was taken by surprise Tuesday when wallets associated with the now-bankrupt Alameda Research were once again active, transferring millions of dollars in FTX (CRYPTO: FTT) tokens. The source of these funds and how they were accessed has become a major point of concern, causing many to question the actions of law enforcement agencies, according to a Cointelegraph report.

Alameda Research, the cryptocurrency trading firm that filed for bankruptcy in November, continues to record active transactions, with a $2 million withdrawal recently being recorded by the crypto analytics platform Arkham Intelligence.

As FTX mulls a return to operations, its FTT token stash is growing more valuable. This, as the CEO tasked with steering the collapsed cryptocurrency exchange through its bankruptcy, John J.

FTX's native token FTT (CRYPTO: FTT) soared over 24% in the past 24 hours, after the company's new CEO John J. Ray III, said that he was exploring ways to revive the defunct exchange that was formerly run by Sam Bankman-Fried.

The value of FTX's controversial FTT token increased by more than 33% after the newly appointed chief executive officer of the insolvent company, John J. Ray III, stated that he is investigating the prospect of relaunching the crypto exchange.

Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.

Solana (SOL), Serum (SRM), and the FTX Token (FTT) have been at the forefront of the crypto rally. Despite all of these coins being linked to the FTX crypto exchange and suffering dearly for it when the company filed for bankruptcy, they have been able to stage a massive reversal.