- FTT, the native token of the now bankrupt FTX Derivatives Exchange, observed a considerable 15% price surge, with a recovery momentum.
- The spike is attributed to the FTX exchange’s announcement of having recovered $7 billion in liquid assets out of the total $8.7 billion owed to its creditors.
In the world of digital currencies, the FTX token (FTT), belonging to the bankrupt FTX Derivatives Exchange, has shown commendable progress today. Bucking recent trends, FTT managed to leap by an impressive 15% – a tangible sign of resurgence as it aimed to recover from the past month’s low of $0.7763, positioning its price at $1.31.
The stimulating factor behind FTT’s recent rise can be traced back to a noteworthy disclosure from the FTX exchange. As part of its sustained initiative to honor its commitment to refunding customers’ investments, the exchange reported a significant recovery of liquid assets.
Out of the whopping $8.7 billion owed to its creditors, the FTX exchange has successfully recovered $7 billion. This optimistic revelation has sent waves of excitement through the FTX community, representing a glimmer of hope for the return of their trapped investments.
The bankruptcy of the FTX exchange served as a key contributor to a string of upheavals that shook the cryptocurrency industry from the last year through early January. FTX’s collapse intensified the ongoing narrative about the risks posed by centralized exchanges for crypto investors, amplifying calls for self-custody.
With the reins of FTX now held by John Ray III, after taking over from Sam Bankman-Fried, the exchange’s objective is crystal clear: reimburse as many user funds as possible, with the potential reboot of the platform on the horizon.
With an eye to the future, FTX is taking positive steps to reestablish its clients’ confidence, should the platform’s relaunch come to fruition. A crucial part of regaining this trust involves the timely refund of users’ investments. As of now, the FTT token appears to be the prime beneficiary of this unfolding situation, marking a robust 37% increase in the past week.