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FTX Accuses Binance and Zhao in $1.8 Billion Lawsuit

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Key Insights:

  • FTX files a lawsuit against Binance and its former CEO, claiming fraudulent actions that prompted a $1.8 billion loss.
  • Binance refutes FTX’s allegations, emphasizing its commitment to market integrity and preparing a strong defense.
  • The outcome of this lawsuit could set a significant precedent for legal standards in the cryptocurrency industry.

FTX has filed a suit against Binance and its former CEO, Changpeng Zhao. The authors of the lawsuit accuse them of fraudulent actions that caused the bankruptcy of FTX, demanding about $1.8 billion. In a statement, FTX said that Zhao made the financial crisis worse by his public statements and backing out from a planned buyout deal.

Allegations Detail Zhao’s Role in FTX’s Downfall

The legal move is unfolding amid the bankruptcy process through which FTX seeks to recover money for creditors. FTX says that this lack of commitment by Binance to the initial acquisition offer played a role in destabilizing the exchange. This action together with remarks by Zhao reportedly triggered a massive loss of liquidity for FTX.

In the lawsuit, FTX alleges that the exchange interfered with its business position as well as market stability. FTX is now suing for damages and compensation for losses incurred as a result of Binance backing out of the deal. The decision of this case would reduce or increase the chances of compensation of every individual that incurred losses as a result of the FTX financial crisis. 

Binance Prepares Defense as FTX Lawsuit Details Alleged Damaging Transactions

The lawsuit also accuses Sam Bankman-Fried of initiating specific transactions which were detrimental in terms of finance. FTX claims that these transactions made its platform financially unsustainable and led to its bankruptcy. The company expects to use this case in the reorganization as well as creditors’ reimbursement strategies.

On the other hand, Binance, in response to FTX’s accusations, has denied any wrongdoing at all. The company emphasizes its focus on market integrity and states its operational decisions are unrelated to FTX. According to Binance’s legal team, they are working to provide a robust defense against FTX’s allegations.

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FTX Accuses Binance and Zhao in $1.8 Billion Lawsuit 2

Legal Implications for Binance and Zhao

This lawsuit is one of the largest legal threats to face Binance and has become the consequence of the tense relations in the cryptocurrency industry. Analysts observe that the outcome of this case may be a benchmark of how future conflicts in the sector will be dealt with. Thus, during the hearings, the participants of the cryptocurrency industry listen carefully, aware that the stakes are higher than between these two companies.

FTX and Binance have not escaped regulatory issues and still work in the field’s legal framework for their rights and freedoms. The case is not only about money but also tries to establish the legal standards of ethical practice in the cryptocurrency sector. For now, as the court schedules the preliminary hearings, the cryptocurrency community awaits the outcome of this case.

FTX Collapse Turns Two: The Rise Of Proof-of-Reserves In Crypto Exchanges

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  • FTX collapse anniversary nears, highlighting the crypto industry’s ongoing trust and transparency challenges.
  • Proof-of-Reserves become crypto’s new standard; Coinbase stands out as the only major exchange without a PoR report.
  • Binance leads in transparency with extensive Proof-of-Reserves, strengthening trust amid market volatility.

As the date of November 6 approaches, which will be two years since the FTX exchange collapsed, the crypto industry is still working towards building more trust with customers. FTX’s tragedy, one of the worst disasters in the crypto world, raised concerns about reserve management and raised alarm bells across the market. FTX’s failure to have enough funds to meet customer deposits revealed that exchanges must prove that they have the funds to safely store customer deposits – a process that is now called Proof-of-Reserves (PoR).

FTX Drives PoR Standard

After the event, Proof-of-Reserves has become the new standard in the industry, with major exchanges also choosing to be more transparent to prevent such situations. The PoR enables the exchanges to share proof of assets thus making the users to have confidence that their funds are safe and easily accessible. 

Among the top exchanges, the only major platform that doesn’t have a public PoR report is Coinbase. This has raised eyebrows among the users and analysts since the transparency is now a norm among the cryptocurrency markets. Different from other cryptocurrency exchanges that have implemented PoR as a part of response to public outcry after FTX exchange incident, Coinbase has not adopted the practice.

Binance’s PoR Commitment

In contrast, Binance has been one of the most active companies in implementing the PoR, setting one of the highest standards of transparency in the market. Binance’s PoR system includes:

Proof-of-Assets (PoA): Binance also has a process of publishing on-chain addresses which are proofs of its assets to enable anyone to check.

User Verification of Balances: Users of the Binance platform can confirm that their balances are included in the exchange’s total assets.

Multi-Asset Reporting: Binance’s PoR also extends to other assets which provide a more comprehensive view of what the exchange has in its reserve.

Despite the regulatory issues in 2023, Binance has added around 28,000 BTC of Bitcoin reserves, or 5%, for a total of 611,000 BTC. Binance also has some of the least drawn down levels in the industry, with its reserves being drawn down by only 16%, which also speaks for its financial stability.

Since the FTX collapse, only Binance and Bitfinex have been showing an increase in their Bitcoin reserves thus proving their stability. According to CryptoQuant, an analytical platform, this growth is a sign of good management of reserves. The FTX disaster has certainly set the new trend, and exchanges are now rushing to introduce PoR as a measure to prevent a repeat of the situation. Two years later and PoR is still as relevant as ever, enhancing trust while ensuring exchanges maintain the highest standards of financial responsibility.

U.S. Extends Pursuit of FTX Political Donations to 2025 Amid Settlement Talks

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Key Takeaways:

  • The U.S. government is negotiating to return $13.25 million in political donations linked to FTX.
  • Federal discussions aim to resolve third-party petitions without litigation, extending deadlines to January 15, 2025.
  • The crypto industry reflects on proof-of-reserve practices two years after the FTX collapse.

The U.S. government has intensified efforts to recover up to $13.25 million in political donations made by former executives of FTX. A new court filing highlights ongoing discussions with relevant parties, seeking to extend the response deadline for third-party petitions.

Initially set for Nov 1, 2024, the government requests a new date of January 15, 2025. According to the document, such an extension would give ample time for possible settlements and avoid tedious litigation.

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In this regard, the proposed parties have already conferred with the legal representatives of Emergent Fidelity Technologies, FTX Trading Ltd., together with the class representative plaintiffs of the MDL, and each of them has consented to the extension. Additionally, petitions on the Senate Majority PAC and the GMI PAC are also being negotiated to case extended deadlines.

Crypto Industry Marks Two Years Since FTX Collapse

The breakdown of the exchange in November 2022 became one of the most defining moments in crypto history. FTX collapsed because of a lack of reserves against users’ deposits, highlighting the need for clearly established rules for PoR exchanges.

As this two-year anniversary approaches, an analysis by CryptoQuant details the contemporary practices of top exchanges. Coinbase remains the only top exchange that has never published a public PoR report. By contrast, on the opposite end of the spectrum is Binance, which offers a far more complete solution with on-chain asset transparency and user-verifiable balances.

The practice allows stakeholders to track the integrity of funds and creates trust across the market. The fact that users are able to independently confirm their deposits form part of the total liabilities, in addition to the public nature of PoR reports, has become an important industry standard.

Binance’s Steady Growth Amid Challenges

Binance has come out even stronger following the fall of FTX. Reserves of the exchange are now holding 611,000 BTC, up by 28,000 BTC or 5%. Although the regulatory scrutiny from U.S. authorities started in 2023, Binance has always maintained very solid reserves, with drawdowns at a maximum of 16%.

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It is among the few big exchanges, such as Bitfinex, that reported growth in reserves. The lessons learned from the FTX collapse reconstituted expectations of transparency in cryptocurrencies. While stakeholders ponder how things turned out badly for the sector, it’s making cautious progress toward better standards.

Related Reading | XRP Investors Eye $17 Target Amid 950-Day Holding Pattern

FTX Bankruptcy Plan Finalized: 118% Return for Creditors

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  • A U.S. court has approved FTX’s bankruptcy plan, concluding two years of complex legal proceedings.
  • 98% of creditors will receive at least 118% of their claim value in cash.
  • FTX never had enough cryptocurrency to make in-kind distributions to creditors.

A US court has officially approved the bankruptcy plan for crypto exchange FTX, paving the way for the process of distribution of funds to its creditors and restructuring its remaining assets. This concludes two years of one of the most complex legal cases in the cryptocurrency industry.

During a court hearing on 7th Oct, Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware finalized the plan where 98% of creditors will receive at least 118% of their claim value in cash. In a statement following the decision, Dorsey stated, “I want to say congratulations. This is a model case for how to deal with a very complex Chapter 11 bankruptcy.” ‘

FTX
Source: Radar

A majority of the creditors who voted on FTX’s bankruptcy plan voted in favor of the reorganization plan, However, some creditors criticized the plan because it didn’t pay them back in cryptocurrency, which was worth a lot when FTX went bankrupt.

David Adler, legal representative of some of the creditors stated that creditors would pay a lot in taxes if they got paid in cash instead of cryptocurrency. He also asked Steven P. Coverick, managing director at Alvarez & Marsal North America, LLC, about the FTX’s plan on in-kind distributions. Coverick said although the topic “was discussed at length” the plan did not include those in-kind distributions.

“The debtors do not have cryptocurrency that would be required to make in-kind distributions and, in fact, never had the cryptocurrency and the proportions in which customers believed they had in their accounts,” Coverick added.

When enquired why FTX didn’t pay creditors back in cryptocurrency, Judge Dorsey reaffirmed FTX never had enough cryptocurrency to do that. The judge also said the value of FTX’s cryptocurrency is now zero.

FTX Creditors’ Repayment Process

Following court’s approval, the bankrupt crypto exchange is set to initiate the repayment process which might extend over the next two to three years. According to Sunil Kavuri, a representative of the largest creditor group, roughly $5.5 billion in claims have been bought, with 50% of those claims not coming from crypto investors, meaning that these holders are unlikely to reinvest in the crypto market.

The update also hints at a possible timeline for distribution. Claims under $50,000 could see resolution by the end of 2024, while larger claims above $50,000 are projected to receive between 70% to 100% of their petition date value.

For claimants holding more than $50,000, Sunil indicated that if the recovery hits 100%, it would result in a $5.5 billion recovery for both claim buyers and original holders.

$230M for Shareholders? FTX Bankruptcy Developments Raise Eyebrows

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  • A critical hearing on the FTX reorganization plan is set for October 7, 2024; creditors with claims under $50,000 may see relief by year-end.
  • Many creditors are upset over a deal allocating $230 million from government forfeiture actions to preferred shareholders, feeling sidelined.
  • A recent preferred shareholder agreement complicates the bankruptcy process by outlining cooperation for releasing forfeiture proceeds.

The recent filing in the FTX bankruptcy saga indicated that a critical hearing would be held on October 7, 2024, during which the proposed reorganization plan will be put to the test. If the court gives its approval, creditors whose claims are less than $50,000 might see some relief at the end of 2024. Those with larger claims may not see any compensation until early 2025.

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FTX Creditors Express Frustration Over Lack of Transparency

The surprise development will see up to $230 million allocated from government forfeiture actions to go to preferred shareholders. This is despite the fact that creditors had largely remained in the dark over the deal when they overwhelmingly supported the plan before the August 16 voting deadline.

“Ordinary creditors had no input,” remarked Sunil Kavuri, a representative for FTX’s largest creditor group, echoing the frustration of many who feel misled once again.

The document disclosed that on August 28, 2024, FTX and its affiliated debtors entered a Preferred Shareholder Agreement with specific equity interest holders. This agreement outlines the cooperation needed to release forfeiture proceeds related to criminal cases against former FTX executives.

That agreement, though informative, nevertheless shocked many creditors, who had earlier been given the impression that they were to be treated as the main priority in the course of bankruptcy.

The current agreement, although not yet court-approved, provides for preferred shareholders to actively interact with the estate in a constructive manner to assist in the distribution of forfeited assets.

It defines important terms such as “Forfeiture Proceeds” and includes a limitation on recovery amounting to 18% of all forfeiture proceeds, or the maximum of $230 million.

This would enable the debtors to stay clear of burdensome and lengthy litigation, especially in the shadow of the high-profile case filed against founder Samuel Bankman-Fried.

The agreement is further designed to facilitate the prompt distribution of the funds by providing momentum leading to the obligation on the part of the debtors to attempt to get the relevant court orders for the implementation of the reorganization plan.

The stakes are high with the looming deadline in October and tensions rising between creditors and shareholders over the seeming preferential treatment given to the latter.

Related Reading | Tether Assists DOJ In Seizing $6 Million In Southeast Asian Crypto Scam

FTX Fallout: Caroline Ellison’s Cooperation Leads to 2-Year Sentence

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Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of FTX founder Sam Bankman-Fried, was sentenced to two years in prison by a federal judge in New York on Tuesday, according to the report. The decision came after her cooperation with prosecutors helped convict Bankman-Fried.

Even though she was praised for her help, the judge made it clear that she should see her punishment as preventive so that others don’t engage in financial crimes like her. The woman, who was the main witness of the lawsuit against Bankman-Fried, had pleaded guilty to conspiracy and financial fraud in December 2022 after the FTX was declared bankrupt.

Her cooperation with the police and giving evidence against Bankman-Fried resulted in his being convicted. Bankman-Fried got a guilty verdict in all seven counts and was sent to a 25-year-old prison along with confiscation of $11 billion.

Judge Emphasizes Severity of FTX Case and Need for Deterrence

On the other hand, the federal Probation Department had recommended no prison time for Ellison, but Judge Lewis Kaplan disagreed. He mentioned the extremity of the FTX case, which he termed one of the largest financial frauds in the history of the United States.

Judge Kaplan accepted that Ellison’s remorse and cooperation helped but said that there was no way of going light on a high-profile case. He stressed the importance of a strong deterrent against any future financial crimes.

Ellison, visibly emotional throughout the proceedings, apologized to those she hurt and said she was cowardly for failing to leave the two when that opportunity was there. Her attorney, Anjan Sahni, urged the court for leniency, citing that Ellison had regained her moral compass and an immense emotional cost for her part in the scandal.

Assistant U.S. Attorney Danielle Sassoon acknowledged Ellison’s contrition but underscored her cooperation. Sassoon highlighted that it was Ellison’s truthfulness and evidence that led to Bankman-Fried’s conviction- the seven false spreadsheets she had created.

Ellison will remain free on bail until her scheduled surrender date of Nov. 7. Aside from the prison term, she had been ordered to forfeit $11 billion in financial settlements related to her involvement, which included her shares in the artificial intelligence startup Anthropic. Meanwhile, two other former FTX executives, Gary Wang and Nishad Singh, await sentencing.

Related Reading | Vitalik Buterin Praises Celo’s Growth, Surpassing Tron in Stablecoin Usage

Is Tether the Next FTX? Investor Fears Grow Over $118B Stablecoin’s Transparency Issues

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Tether, a $118 billion stablecoin giant, has been under pressure for not going through third-party audits, which is fuelling fears of a liquidity crisis similar to the collapse of FTX. A Cyber Capital founder, Justin Bons, recently stirred controversy by calling Tether a monumental scam that eclipsed both FTX and Bernie Madoff in scale.

His accusations highlight one unnerving absence of due process and accountability: while pledges go back as far as 2015, Tether has never been subject to a proper, independent audit.

In 2021, the company settled with the CFTC over misleading reserve disclosures and mismanagement of $850 million in client and corporate funds. The settlement forced the company to attest its reserves, which came as mostly commercial papers of dubious quality and origin. That was miles away from a full, unrestricted audit, so Tether’s reserves remained uncertain.

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2021 CFTC Settlement Reveals Tether’s Reserve Issues

Tether’s claims of transparency have never been supported by real, solid independent verification. The so-called “auditor’s report,” published in cooperation with BDO back in 2021, was not an audit at all but an accountant’s report; hence, a new series of questions appeared concerning the reliability of the accounting statements of the company. The attempt to do a comprehensive audit in 2018 reportedly encountered obstacles when auditors were dismissed for being too diligent.

According to Bons, compounding the problem, the company’s governance is not transparent. Recent revelations about Tether’s board consisting of Giancarlo and Ludovicos-indicate that controls on USDT reserves are highly centralized and unregulated. This engendered concentration of power, particularly regarding the stability of the USDT in case of a financial “run” that would set off a severe market disruption.

Also, there is concern over Tether’s history, with associations being made with questionable financial practices right from its founders. Associations that include Bitfinex and Crypto Capital reportedly raise credibility questions for Tether, bringing financial scandals to mind.

However, the questionable financial practices of USDT, the biggest stablecoins by market capitalization and trading volume, coupled with an absence of proper oversight, hint at deeper systemic problems in the world of digital currencies.

Related Reading | XRP Whale Sparks Fear: Massive 100 Million Moved, 19.7 Million to Bitso

SEC Fines Prager Metis $1.95 Million for Negligence in FTX Audits

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  • SEC finеs Prаgеr Mеtis $1.95 million for nеgligеncе аnd flаwеd аudits of dеfunct cryptocurrеncy еxchаngе FTX.
  • Thе firm’s аudit rеports fаilеd to mееt Gеnеrаlly Accеptеd Auditing Stаndаrds (GAAS), risking invеstor lossеs.
  • Prаgеr Mеtis fаcеd аdditionаl chаrgеs for violаting аuditor indеpеndеncе rulеs bеtwееn 2017 аnd 2020.

In а dеcisivе аction to protеct invеstors, thе Sеcuritiеs аnd Exchаngе Commission (SEC) hаs imposеd а hеfty $1.95 million finе on аudit firm Prаgеr Mеtis. Thе sеttlеmеnt stеms from аllеgаtions of misconduct during аudits of thе now-dеfunct cryptocurrеncy еxchаngе, FTX. Prаgеr Mеtis, without аdmitting or dеnying wrongdoing, аgrееd to pаy $1.75 million in civil pеnаltiеs, disgorgеd profit, аnd аccruеd intеrеst.

Thе SEC аllеgеs thаt Prаgеr Mеtis producеd two flаwеd аudit rеports for FTX bеtwееn Fеbruаry 2021 аnd April 2022. According to thе SEC, thеsе rеports fаilеd to аdhеrе to Gеnеrаlly Accеptеd Auditing Stаndаrds (GAAS). Thе SEC аrguеs thаt Prаgеr Mеtis did not аdеquаtеly еvаluаtе its own cаpаbilitiеs аnd rеsourcеs during thе FTX аudit. This lаpsе in quаlity control rеportеdly lеd to fаilurеs in аdhеring to GAAS аcross multiplе аrеаs of thе аudit.

Additionаlly, Prаgеr Mеtis rеportеdly ovеrlookеd thе significаnt risk posеd by thе closе tiеs bеtwееn FTX аnd Alаmеdа Rеsеаrch LLC, а hеdgе fund undеr thе control of FTX’s formеr CEO, Sаm Bаnkmаn-Friеd. Friеd wаs rеcеntly convictеd of frаud аnd sеntеncеd to 25 yеаrs in prison.

SEC Alleges Negligence-Based Fraud

Spеcificаlly, thе SEC chаrgеs thе firm with nеgligеncе-bаsеd frаud, indicаting thаt thеir аctions potеntiаlly dеfrаudеd FTX invеstors. According to Gurbir S. Grеwаl, thе SEC’s Dirеctor of Enforcеmеnt, this nеgligеncе lеft invеstors without thе kеy informаtion rеquirеd to mаkе sound dеcisions. As а rеsult, FTX’s collаpsе lеd to billions in lossеs.

“To fulfill thеir rolе еffеctivеly, аuditors must, аmong othеr things, bе indеpеndеnt, еxеrcisе duе profеssionаl cаrе аnd skеpticism, аnd comply with аll аpplicаblе profеssionаl stаndаrds. As wе аllеgе in thеsе еnforcеmеnt аctions, Prаgеr Mеtis fеll short in аll of thеsе аrеаs,” stаtеd Gurbir S. Grеwаl.

Thе sеttlеmеnt goеs bеyond thе FTX cаsе. Thе аgеncy аlso аnnouncеd sеpаrаtе chаrgеs аgаinst thе firm for violаting аuditor indеpеndеncе rulеs in аudits conductеd bеtwееn 2017 аnd 2020. Thеsе chаrgеs, sеttlеd through sеpаrаtе finаl judgmеnts, highlight thе importаncе of аuditor indеpеndеncе in mаintаining thе intеgrity of finаnciаl mаrkеts.

Whilе Prаgеr Mеtis’ lаwyеr, Brucе Brаun, еxprеssеd sаtisfаction with thе sеttlеmеnt, hе mаintаinеd thе firm’s innocеncе. “Likе othеrs,” Brаun stаtеd, “Prаgеr Mеtis wаs а victim of thе collusivе frаud by mаnаgеmеnt аt FTX.”

Related Readings | SEC Faces Backlash Over Flyfish Club NFT Settlement, Critics Call It Overreach

Solana Shakeup: $6B FTX Dump Incoming

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Amidst market turmoil, Solana is bracing for a major shakeup with prices plummeting and investors on edge. At the heart of this crisis is the looming threat of FTX dumping a staggering $6 billion worth of SOL tokens. Coupled with the ongoing Mt. Gox repayments, the market is under intense selling pressure. The combination of events has left investors scratching their heads at the implications of these massive dumps.

While the situation appears dire, experts have suggested looking beyond the panic and analyzing the underlying factors driving this market downturn.

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Solana Shakeup: $6B FTX Dump Incoming 9

First is a market correction, a typical process in a market cycle where inflated prices bounce back to sustainable levels. Although tough times for investors in the near term, it’s necessary for long-term market health. Next is regulatory uncertainty where governments around the world are scrutinizing cryptocurrencies, leading to investor anxiety. Clear and fair regulations can ultimately benefit the industry, but the current climate is creating volatility.

Another crucial thing to note is the market sentiment that represents the overall mood and feelings of investors. In the crypto market, fear and greed have almost become contagious. This is due to the prevailing negative news and rumors that can quickly spiral into panic selling, exacerbating price declines. Conversely, positive sentiment can drive buying and push prices up.

Experts have also highlighted economic pressures which comprise interest rates and inflation/deflation. A rising interest rate and inflation can dampen investor appetite for riskier assets like cryptocurrencies.

However, every crisis presents opportunities. For instance, a market dump and price drop, provide investors a chance to buy assets at a lower cost. Additionally, market consolidation clarifies market sentiment and opens strategic opportunities before the next move.

Solana Dethrone Ethereum

Lastly, improved regulation brings more clarity and security to the market by establishing clear rules and standards. This helps protect investors and can lead to more stable and reliable markets. Enhanced regulation often boosts confidence and can attract institutional investors, potentially leading to healthier long-term growth.

That said, Solana achieved a new milestone as it outperformed ETH in total transaction fees and MEV tips on a weekly index. This is a significant milestone for Solana, often referred to as the “Ethereum killer.” Apart from that SOL also surpassed ETH and all its Layer-2 solutions in fee revenue, indicating strong network activity and adoption.

Analyst Sees FTX Token (FTT) Potential for 279% Upside

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FTX Token (FTT) is on the verge of recovery, FTT has increased by 7% in the past seven days. These gains signal a resurgence for the token sailing through troubled waters since the collapse of its associated exchange, FTX.

It all began on November 10, 2022, when the company stopped activity, froze customer withdrawals, and continued to sustain destabilizing events and exposures. FTX filed for Chapter 11 bankruptcy protection the following day with its 130 sister companies in one of the most remarkable downturns in the crypto industry.

Further exacerbating the situation, on November 13, 2022, a suspicious transfer of 195 million FTT from what was believed to be a locked contract led to a complete collapse of the token’s utility. This transfer raised alarms and contributed to the exchange’s downfall. The transferred FTT tokens remain in a withdrawal address and are expected to be liquidated at the discretion of the liquidation firm overseeing FTX’s assets.

At its peak, FTX Token reached an all-time high of $84.18 on September 9, 2021. The current price of the token, however, is approximately 98.10% lower than this peak, reflecting the dramatic decline the token has undergone since the exchange’s collapse.

As of today, FTT is trading at $1.619461, with a 24-hour trading volume of $81.42 million and a market capitalization of $532.63 million. The token has surged 6.11% in the past 24 hours, indicating renewed interest and potential for recovery.

FTTUSDT 2024 06 17 15 58 22
Analyst Sees FTX Token (FTT) Potential for 279% Upside 12

FTX Token (FTT) Poised for 279% Rebound

In a surge of optimism for FTX Token (FTT), well-known crypto analyst JAVON MARKS has shared a bullish outlook on the token’s price movements. MARKS points out that FTT has consistently maintained its higher lows after multiple bullish patterns, suggesting that the token is poised for a substantial recovery.

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According to the analyst, FTT could rebound to the $6 area, representing an impressive potential upside of over 279%. “A >3.69X may be loading,” Marks emphasized, reflecting his confidence in the token’s recovery trajectory. This optimism is echoed by market data and forecasts, adding weight to his predictions.

Supporting this bullish sentiment, Changelly’s most recent FTX Token price forecast indicates a modest increase of 5.18%, predicting that the token will reach $1.606920 by June 18, 2024. While this forecast is more conservative, it nonetheless aligns with the general positive outlook surrounding FTT.

Technical indicators from Changelly reveal a neutral to bullish sentiment on FTT, with a 50% neutral bullish signal. Additionally, the so-called Fear & Greed Index, which measures the sentiments of the market, is now at a rating of 71, showing a hard greed sentiment of investors.”.

Technical analysis, expert opinion, and market sentiment lawsuits confirm that FTX Token is on the cusp of a huge recovery. Investors and analysts would be sweating over whether it capitalizes on these bullish signals to post the predicted upside in the following months.

Related Reading | Polkadot (DOT) Faces Bearish Struggle as Price Hovers Near $6.20; Analyst Sees Recovery Potential