FTX: FTT Spikes 32% after Revival Plan gets SBF’s Support

Paigambar Mohan Raj
Source: The Times of India

The FTX collapse left many in a state of shock. Although some could see the impending doom, many were caught off guard, thereby losing large sums of money. However, FTX’s native token, FTT, surged today after a revival plan found support from Sam Bankman-Fried (SBF), founder of the failed exchange.

Ran Neuner, a CNBC crypto trader and founder of Crypto Banter, took to Twitter and asked for the exchange to be fired up once again. He recommended issuing a new FTT token and distributing them to creditors and depositors. Moreover, 100% of the profits should be given to the token holders.

Neuner added that, if accepted, the move would make FTX the biggest exchange in the world, “and users will be made more than whole.”

Neuner’s opinion got the attention of SBF, who said that the proposal would be “a productive path for all parties.” He added that he hopes the “teams in place would do so.”

SBF’s support caused the FTT token to surge 32.2% in the daily charts. Moreover, the token rallied by 37.9% in the weekly charts and 29.9% in the 14-day chart.

Source: Coingecko

Will FTX find its lost funds?

FTX’s new management has hired a group of forensic investigators to find the billions of dollars that vanished from the cryptocurrency exchange. The investigators are from the advising firm AlixPartners, according to unidentified sources in the Wall Street Journal. Moreover, the former Chief Accountant for the Securities and Exchange Commission’s enforcement section Matt Jacques is in charge of the team.

The task of undertaking “asset-tracing” to locate and retrieve the lost digital assets will fall to the forensics company. It will support the reorganization efforts being made by FTX side by side.

At press time, FTT was trading at $1.78, down by 1.9% in the last hour.