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- FTX’s native token, FTT, records a strong 35% price rally in the last 24 hours, driven by substantial accumulation by the top 10 whale wallets.
- In a significant development, the U.S. Court of Appeals upheld the decision to maintain the detention of FTX’s disgraced founder Sam Bankman-Fried (SBF).
Amid the ongoing developments in the crypto space surrounding Binance, FTX’s native FTT token has registered a strong price rally gaining more than 35% over the last 24 hours.
FTX’s native token, FTT, has achieved an impressive 337% growth on the monthly chart, with the majority of these gains occurring in the last 10 days. Notably, the surge is attributed to substantial accumulation by the top 10 whale wallets. During this period, the market value of the FTT token has increased by 255% compared to Bitcoin.
Investors holding $FTT are witnessing sustained gains as FTX’s native token experiences a second surge, spurred by recent developments at Binance, according to reports from Santiment. The token’s value has notably received a boost, evident from the 10 largest wallets accumulating $12.8 million worth of coins in just 19 days.
Court Denies SBF’s Appeal of Release
In a significant development in the high-profile case involving Sam Bankman-Fried (SBF), the U.S. Court of Appeals for the Second Circuit has affirmed the decision to maintain his detention. Bankman-Fried, the founder of the cryptocurrency exchange FTX, is facing multiple criminal charges, including defrauding customers, lenders, and investors.
After a thorough review of his appeal, the court declined to grant release to Bankman-Fried. The ruling, outlined in a letter from Clerk of Court Catherine O’Hagan Wolfe, underscored the court’s perspective that Bankman-Fried’s arguments for release lacked persuasiveness. The decision took into account past incidents where he attempted to tamper with witnesses, leading to the tightening of his release conditions.
Bankman-Fried, who was initially on house arrest at his parents’ home in California, had his bail taken away in October. This decision came after SBF faced accusations of sharing information with the media and talking to witnesses, breaking the rules set during his pre-trial release. Also, on November 2, he was declared guilty of seven criminal counts, and his sentencing is set for March 28.
FTX 2.0 Reopening
FTX’s recent move to liquidate assets and transfer substantial funds across exchanges, including the $474 million transfer by FTX and Alameda Research, has sparked increased activity in the cryptocurrency market. This strategic action is part of a broader initiative to manage the exchange’s financial responsibilities and potentially pave the way for “FTX 2.0.” It comes at a notable time, coinciding with Binance’s $4.3 billion settlement with the United States Department of Justice.
The noteworthy surge in FTT is remarkable, considering its limited utility. This rally indicates significant institutional interest, despite the token’s historical ties to FTX’s past bankruptcy issues. Achieving a year-to-date high of $4.3 earlier in the month, FTT signals a robust recovery and growing investor confidence in the potential launch of an upgraded version of the trading platform.
On the other hand, Binance’s BNB token experienced a 13% decline to $235, accompanied by a staggering $1 billion net outflow in a single day. While Binance faces challenges reminiscent, though not identical, to FTX’s issues last November, which led to its collapse, the clearer trajectory for FTX compared to the uncertainty surrounding Binance has fostered a positive outlook on FTT. This has attracted interest from both retail and institutional investors.
