Disgraced FTX founder Sam Bankman-Fried was arrested on Tuesday by the Bahamas police. SBF could face trial after being extradited to the United States as he faces multiple charges pinned against him. The SEC charged SBF for defrauding investors and carrying out “sophisticated years-long fraud“. You can read more details about the SEC’s charges against SBF here. Amid all the chaos and uncertainty, FTX’s native token FTT is taking a hit in the indices since November.
Also Read: US Government charges Sam Bankman-Fried with Money Laundering, Fraud
FTX’s FTT Token Down 99% From ATH
FTX’s FTT token is down 98.4% from its all-time high of $84.18 which it reached in September last year. FTT is down nearly 8% on Tuesday and could slip further to double digits in the next few hours. The token could go down below 99% from its ATH this week after the news of his arrest.
Also Read: BNB Falls After ‘Prosecution’ Reports: Will It Reclaim $300 Again?
It wouldn’t take long for FTT to go below the $1 mark as the news of SBF’s arrest and extradition could dominate headlines. The token’s losses are only piling up with no saving grace that could take it back to its previous glory. It is advised to stay away from FTT and not invest in the token.
Also Read: How Are Crypto Exchanges Performing After the FTX Fallout?
Even FTX’s paid advocate Kevin O’Leary revealed that he lost $9 million in cryptos due to the trading platform’s collapse. He stated that his crypto portfolio now stands at $0, as he lost it all.
“I put about $9.7 million into crypto. I think that’s what I lost. It’s all at zero. I don’t know because my account got scrapped a couple of weeks ago. All the data, all the coins, everything. It was not a good investment. Then I lost the money I invested in the equity as well, those are zeros too,” he said.
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At press time, FTT token was trading at $1.38 and is down 8.7% in the 24 hours day trade.