FTX token: FTT rises 20% after SBF tweet on Ran Neuner FTX revival proposal
By Alara Jordan
16:13, 9 December 2022
A Twitter exchange between the CNBC crypto host Ran Neunber and FTX’s currently disgraced former chief executive, Sam Bankman-Fried, has sent the price of the FTT token surging by 20%.
Bankman-Fried responded to an idea proposed by Neunber to help re–establish FTX and issue a new native token that could help raise funds and pay back creditors, which the founder of the collapsed crypto exchange said would be “a productive path for parties to explore.”
Bankman-Fried added: "I *hope* that the teams in place will do so.”
The former CEO has remained active on social media after the collapse of FTX and has previously promised to “make customers whole again” amid the wreckage of what was once the third-largest cryptocurrency exchange.
Earlier this month, FTX experienced a somewhat bank-run moment after the attempted withdrawal of customer funds worth nearly $5bn in just 24 hours; the exchange did not have enough liquidity to fulfil the withdrawals.
Fire up the FTX exchange.
— Ran Neuner (@cryptomanran) December 9, 2022
Issue a new FTT token.
Distribute the token to creditors/depositors.
Accrue 100% of profits to token holders.
It will be the biggest exchange in the world and users will be made more than whole.
The move comes after Binance CEO Changpeng “CZ” Zhao said on 6 November that he would liquidate the firms entire holdings of FTT, as well as a news report which highlighted the close proximity of funds between FTX and its sister firm Alameda Research, inevitably leading to immense uncertainty around FTX.
CZ had offered a buy out solution for FTX, but backed out of the deal shortly afterwards after stating that the issues were beyond his “control or ability to help.”
FTT to USD
FTX’s native token plunged by more than 80% on 8 November after rumours began swirling around the crypto exchange’s potential liquidity issues, with the token losing most of its value that same day.
FTT dropped from around $22 on 8 November to around $5, wiping out more than $2bn in 24 hours. At the time of writing, FTT is changing hands at $1.64 and is up around 20% in the last 24 hours.
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