FTX's Exchange Token FTT Sees Mysterious Pump Amid Bankruptcy Case, SBF Fraud Charges
As the FTX bankruptcy case and fraud charges against co-founder Sam Bankman-Fried continue to unfold, the value of the exchange’s token, FTX Token (FTT), has seen significant growth. Since Jan. 9, 2023, FTT has risen 28.42% and currently sits above the $1 range, following a dip below that threshold.
FTX Token Jumps 65% As SBF Returns Home, Can FTT Hold the Gains?
On Thursday, Bankman-Fried’s parents had put their home up to raise money for the $250 million bond put on the former CEO, with friends and associates speculated to have helped come up with the 10% collateral required for his release. However this was achieved, Sam was released under house arrest.
SEC Calls FTT a Security, What Are the Impacts on Other Cryptos and Exchanges?
SEC calls FTX's native token FTT a security, what's the impact on other cryptos and exchanges? What other cryptos are considered securities by SEC? What would happen if cryptos are securities?
U.S. SEC Labels FTX Token (FTT) as Security
The United States Securities and Exchange Commission (SEC) has classified FTX Token (FTT), the native cryptocurrency of digital asset exchange FTX, as security.
FTX Funded 94% of Blockfolio Takeover With Its FTT Token: Bloomberg
When now-defunct crypto exchange FTX acquired the portfolio tracking platform Blockfolio in 2020, it used its own exchange token, FTT, to fund the takeover, according to Bloomberg.
SEC Calls FTT Exchange Token a Security
FTX's exchange token FTT was sold as an investment contract, and is a "security," the U.S. Securities and Exchange Commission said in a complaint filed late Wednesday, in a move that is sure to have a wide-ranging impact on the industry. "If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings," the SEC wrote in its complaint. "The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token." (Coindesk)
FTT Breaks $1 Support for the First Time Since FTX Collapsed, Token Struggles With Dwindling Trade Volume
Despite FTX’s collapse last month, the trading platform’s crypto token FTT had managed to not plummet all the way down to zero, and surprisingly it hovered below the $2 per unit region after Nov. 12, 2022. For 38 days FTT remained above the $1 per unit area up until Dec. 19, as the token suddenly crashed below the $1 region during the mid-afternoon trading sessions, slipping to a low of $0.89 per FTT at 2:30 p.m. (ET).
XRP Holders Appalled As SEC Fails to Charge SBF for Selling an Unregistered Security
XRP holders have taken to Twitter to criticize the US Securities and Exchange Commission for failing to classify FTT as an unregistered security in its charges against Sam Bankman-Fried today.
FTX Token Slumps Into Abyss As Sam Bankman-Fried Gets Arrested
Upon the news that the founder of the collapsed crypto trading platform FTX has been arrested, many cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) included, are recording modest gains, whereas FTX Token (FTT), the native token of the crypto derivatives trading platform, keeps losing ground.
SBF Supports Restarting FTX and Issuing New FTT Token to Creditors
Bankrupt crypto trading platform FTX’s exchange token FTT is still trading above $1 per unit. It’s uncertain why FTT has risen more than 20% this week, but it might be because there’s been talk of issuing a new FTT token.
