October 9th, 2024
FTX (FTT) News
As one of the most popular exchange platforms, FTX left an indelible mark in the crypto scene despite the problems that led to its demise. Stay ahead in the cryptocurrency landscape with the latest FTX (FTT) news and find stories about FTX and its history, get information about FTX native token FTT.
Worldcoin (WLD) Price Signals Bullish Recovery as Alameda Research Escalates Selloffs
By Steve Muchoki
October 9th, 2024
After losing over 80 percent in value in the past seven months, Worldcoin (WLD) price has signaled a potential reversal in the near term.
Caroline Ellison to Sell All Her Assets in Latest FTX Settlement
By Bhushan Akolkar
October 9th, 2024
FTX’s new administration has filed a motion seeking court approval for a settlement agreement with Caroline Ellison.
FTX Creditors to Gain 119% Return amid $14 Billion Payout
By Bena Ilyas
October 8th, 2024
98% of FTX’s creditors will receive 119% of their allowed claim as of November 2022, meaning creditors will not only recoup their initial investments but also gain additional returns.
Mark Cuban Criticizes SEC, Suggests Better Regulatory Approach Could Have Saved FTX and 3AC
By Mayowa Adebajo
October 4th, 2024
Cuban’s recent criticism of Gensler’s ways is a direct reflection of what the majority of the crypto industry thinks of the SEC Chair.
FTX Bankruptcy Plan Gains Overwhelming Creditor Support
By Temitope Olatunji
October 1st, 2024
FTX’s restructuring plan gains strong creditor backing, setting the stage for the distribution of $6.83 billion to impacted crypto traders and users.
FTX Token Soars 60% with $16B Repayment Plan: What’s Fueling Rally?
By Bena Ilyas
September 30th, 2024
The rally aligned with unfounded rumors that FTX would begin reimbursing its defrauded creditors by September 30.
Former Alameda Research CEO Caroline Ellison Gets Two Years in Prison for Her Role in FTX Collapse
By Chimamanda U. Martha
September 25th, 2024
Despite Caroline Ellison’s cooperation with prosecutors and her role as a key witness in the trial against Sam Bankman-Fried, Judge Lewis Kaplan has rejected leniency and sentenced the former CEO of Alameda Research to two years in prison.
Tether’s Lack of Third-Party Audits Raises Concerns of FTX-Like Liquidity Crisis
By Bhushan Akolkar
September 20th, 2024
Some market analysts think that Tether could also implode like FTX, if not audited duly by third-party agencies. This implosion would likely be tied to its banking partners.
Solana (SOL) Shows Signs of Recovery as FTX Unstakes $23M Tokens
By Chimamanda U. Martha
September 12th, 2024
FTX was closely tied to Solana before its collapse in November 2022. The exchange’s demise sent shockwaves through the blockchain ecosystem, with SOL plunging as low as $8.
FTX to Pay $14M to Reclaim $600M in Robinhood Shares
By Leon Okwatch
September 10th, 2024
This settlement is one of several legal battles that FTX has faced since its collapse.
At its peak, the FTX exchange was the third-largest cryptocurrency exchange and a leading platform for spot, derivatives, and options trades. Founded in 2018 by Sam Bankman-Fried, the exchange evolved into two arms, including the international platform based in the Bahamas and FTX US for residents of the United States.
The FTX exchange eventually crashed in November 2022. The collapse stemmed from reports of malpractice and misappropriation. Sam Bankman-Fried was convicted on seven fraud and conspiracy charges, with a trial that got plenty of attention from the crypto and traditional markets alike. The jury reached a verdict in November 2023, with the FTX founder sentenced to 25 years in federal prison in March 2024.
Before it crashed, FTX was known for its user interface, which was designed to cater to newbies and experienced traders. The platform featured powerful trading tools and valuable analytics that helped users make good trading decisions.
FTT is the native utility token of the FTX exchange. It performed several functions on the exchange, including payment of trading fees and participation in token sales. FTT also provided other benefits, such as increased withdrawal limits and bonuses. Holders could also stake their FTT tokens to earn rewards. However, since it crashed, the value of the token and the amount of activity recorded have significantly reduced.
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FAQ on FTX (FTT) News
Is FTX exchange working?
FTX has announced that it would not revive the crypto exchange after returning lost funds to customers.
How much money was lost as a result of the FTX exchange crash?
Most reports agree that the exchange lost about $8 billion to the November 2022 crash. Several notable investors have publicly admitted to losing varying amounts of money to the collapse.
What is FTT token?
FTT is the native token of the FTX exchange. The asset was launched in 2019 and used for staking, token buybacks, collateral, and fee discounts.
What is the future of FTT token?
Due to the circumstances surrounding the FTX collapse and the Sam Bankman-Fried conviction, many consider the future of the FTT token uncertain.
