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FTX token soars 47% after Sam Bankman-Fried’s tweet

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Key facts:
  • After the failure of FTX, the FTT token lost 98% of its value.

  • The FTT is issued and controlled by FTX.

The disgraced exchange’s native token, FTX, wants to survive the debacle. That’s because today, Dec. 9, the FTT rose as much as 47 percent after a possible fork and activation of token trading, suggested by Sam Bankman-Fried (SBF).

According to the different exchanges recordOn December 8, the FTT was trading above US$1.4, while today it is at US$1.4, the value has reached 2 U.S. dollars. Subsequently, the FTT returned above US$1.6, a net gain of about 10 percent.

On Twitter, entrepreneur Ran Neuner, suggested that trading with the ITF should be resumed, through a new issuance of this token (presumably suggesting a new fork). To this tweet, SBF responded That this would be “a productive avenue to explore.” suggesting that it might be a good idea to revive TTF markets.. This comes in a context where, after the collapse of FTX, many stock exchanges closed or reduced trading pairs on this token.

Price of ftt.
After the fall of FTX, the price of FTT remained sideways above US$1.5. Source: Tradingview.

It should be noted that from the time the first details of FTX’s financial status were released until its subsequent bankruptcy, ITF has lost 90 percent of its value, from $25 in early November to a low of $1.4..

The FTT played a key role in the stock market crash because, it was used as collateral in multimillion-dollar loans, since the issuance and control of these depended entirely on FTX.

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