The cryptocurrency exchange FTX’s native token, FTT, surged by 25% in the last 24 hours, reaching $3.40, according to data from CoinmarketCap.
The current trading price stands at $3.11, reflecting a market cap of $1.13 billion, with a 133% increase in 24-hour trading volumes to $121.59 million.
The spike coincided with FTX clients urging a U.S. bankruptcy judge to halt the exchange from valuing their deposits using 2022 prices, claiming it denies them gains from recent crypto price recoveries.
Notably, FTX reached a creditor agreement in December 2023, generating buzz about its potential relaunch. SEC Chairman Gary Gensler expressed conditional support for FTX’s relaunch if legal compliance is ensured.
Meanwhile, FTX founder Sam Bankman-Fried faces a potential 115 years in prison following convictions of money laundering, fraud, and conspiracy; sentencing is scheduled for March 28, with an appeal expected.
The FTT surge reflects market optimism despite legal challenges, signaling both potential for FTX’s relaunch and ongoing concerns surrounding its founder’s legal troubles.
Also Read: FTX to Auction Off Bahamas Properties to Compensate Victims
