FTX may restarts its services in Q1 2024
FTX token (FTT) pumped by 100%+ within 24 hours, as FTX Lawyers stated that FTX leadership is considering reviving the exchange by next year.
FTX exchange was a second-ranked popular crypto trade platform by trade volume but in Nov 2022 exchange collapsed badly citing mismanagement of the customer’s funds. Allegedly FTX co-founder Sam Bankman-Fried (SBF) was the main culprit behind the downfall of this exchange. On 19 Nov 2022, FTX filed for bankruptcy along with 120 affiliated crypto companies under the Chapter 11 code in the United States.
On 12 April 2023, In the court hearing at the United States Bankruptcy Court for the District of Delaware, lawyers with Sullivan & Cromwell representing FTX said that the current leadership team of the failed exchange recovered around $7.3 billion funds and also other investigations are running to recover other funds.
FTX’s legal team also confirmed that the current leadership team is also considering restarting the exchange in the first quarter of the next year.
Earlier this, in a January 2023 interview, FTX’s current CEO Ray disclosed that they were planning to start the platform again but decided not to restart this platform, as the majority of the experts claimed that the situation of the FTX exchange hints that people would not trust FTX’s crypto services anywhere.
FTX token price action
This news acted as a catalyst for the FTX token (FTT), a native token of the FTX exchange. The price of FTT surged from $1.32 to $2.80 within 24 hours.
The current trade price of FTT is $2.55 & this trade price is 94.5% high over the last 24 hours’ trade price.
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