With the impact of the crises on the Binance exchange, FTX Token (FTT) experienced a remarkable increase of 296.17% from its price of $1.05 on October 22.
Will FTT Coin Rise?
In the past 24 hours, FTT, the local token of the FTX exchange that has fallen out of favor in the past due to the crisis, experienced a significant value and price increase of up to 45% thanks to the events and recent developments at its major competitor, Binance.
At the time of writing, FTT was trading at $4.26, indicating an impressive positive increase of 43.24% in the last 24 hours, and a 21.08% increase in the last 7 days.
The price increase in FTT also means that it has outperformed 89% of the top 100 crypto assets in the past year. Additionally, FTT remained in the positive zone for 18 days during the previous 30-day period and managed to trade above the 200-day moving average at the same time.
Despite all these price movements, it is still -95% below its all-time high of $84 at some point.
Is FTT Replacing BNBs?
The value increase is associated with positive sentiments towards FTT. In addition, the upward price movement indicates that investors are replacing Binance Coins (<a href="https://en.coin-turk.com/renowned-analyst-forecasts-significant-upswing-for-binance-coin-bnb-and-possible-market-downturns/”>BNB) with FTT after regulatory problems increased at Binance.
In response to Binance’s suspension of its operations in the US, it seems that some funds are investing in FTX Token, according to a post by Santiment on November 22.
The behavior analysis platform made the following statement:
Although many people see #Binance news as the main culprit of one of the biggest pullbacks of the year, the truth is that #altcoins have already seen declining market values. Interestingly, some traders seem to be swapping their $BNBs with @FTX_Official’s $FTTs.

Despite FTX cryptocurrency derivatives exchange filing for bankruptcy in November 2022 after the crisis and the recent legal decisions against its founder and owner, Sam Bankman-Fried, FTT seems to be experiencing a price increase in recent times.
Another development believed to be profitable for FTT is the legal process initiated against Changpeng Zhao, the former CEO of its rival Binance, who resigned after yesterday’s crisis.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#FTX's #ftx $FTT

Following the highly publicized fraud trial, FTX co-founder Sam Bankman-Fried has been found guilty on all charges. Indeed, following deliberation, the juror issued a guilty verdict on seven charges, meaning the one-time crypto mogul is set to face more than 110 years in prison.The case followed the devastating collapse of FTX, which at one time was one of the strongest brands in the industry. Subsequently, Bankman-Fried and his defense attorneys were unable to prove, without a shadow of a doubt, that he defrauded investors through the exchange.Bankman-Fried Found Guilty on Fraud ChargesThe fall of FTX has been described as one of the largest financial crimes in American history. Indeed, it is certainly the greatest controversy to face the digital asset industry in its history. Now, the man who created and ran the exchange is set to face justice.Following a trial that dominated the news cycle, Sam Bankman-Fried has been found guilty on all seven charges issued against him. The jurors deliberated after closing arguments were issued by both sides on November 1st. Subsequently, they concluded that Bankman-Fried maintained culpability for the company’s downfall.Throughout the trial, Bankman-Fried attempted to convince jurors of his innocence. Specifically, he had continued a defense that began with a media tour following the exchange’s collapse. Bankman-Fried has consistently assured the public that the collapse was a result of his ignorance, not malice. Yet, the jurors seemingly did not believe the defense set forth.Many had predicted that Bankman-Fried would face conviction. Yet, there remained the belief that the overarching dysfunction of the platform as a whole would absolve him of sole responsibility. Conversely, jurors have instead agreed with the prosecution, finding Bankman-Fried guilty.Bankman-Fried sat motionless at the defense table in a grey suit. He was made to stand and face the jury for the reading. He showed no emotion.#FTX's #Fraud #CryptoNews🔒📰🚫

In the courtroom drama surrounding the downfall of the once-mighty FTX cryptocurrency exchange, the trial of Sam Bankman-Fried has entered its final chapter. The prosecution and defense presented closing arguments that couldn’t have been more contrasting.As reported by crypto journalist Laura Shin, assistant U.S. Attorney Nicholas Rooe, leading the prosecution, used evidence, timelines, and the defendant’s own words to portray Sam Bankman-Fried as a liar who stole from customers while maintaining a facade of innocence. Rooe argued that Bankman-Fried knew he was doing something wrong, stressing deception, lies, and greed as central themes.He called attention to Bankman-Fried’s contradictory statements, pointing out his confident public assurances about FTX’s health despite his awareness of the exchange’s dire financial situation. He alleged that Bankman-Fried’s actions betrayed his knowledge of wrongdoing.Rooe stated, “He told a story and he lied to you. This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake.”In contrast, Bankman-Fried’s defense, led by Mark Cohen, sought to discredit the government’s portrayal of the defendant as a villain. Cohen argued that the government unfairly painted his client as a criminal mastermind, using evidence about Bankman-Fried’s physical appearance and personal life to cast him as a villain in their narrative.Cohen contended that miscommunications, mistakes, and lapses in judgment occurred in the real world, but they did not constitute criminal acts. He questioned the government’s focus on Bankman-Fried’s motivations and intentions, highlighting the lack of evidence of criminal intent in their case.With both sides having made their closing arguments, the jury is now set to begin deliberations. The outcome of this high-stakes trial, closely watched by the cryptocurrency community and beyond, remains uncertain. Deliberations may continue into the evening, and the trial’s conclusion is eagerly awaited.#ftx #FTX's #IluPredictor #sbf #coinbase

#Launchpool Sam Bankman-Fried's #exchange attacker has moved another $12 million worth of BitcoinDisclaimer: 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. In a startling update, the #FTX's attacker has once again made headlines as they shifted another $12 million in Bitcoin (#BTC ) in what can be described as a sinister move. FTX attacker’s crypto mixer tactics#blockchain​ analytical platform Arkham Intelligence revealed the latest development on X, raising concerns within the crypto community. According to Arkham, the attacker is expected to deposit the moved funds into crypto mixers, a method that adds a layer of complexity to tracking illicitly obtained assets.Arkham Intelligence noted that during the last Bitcoin transfer on Jan. 6, the attacker had mixed over $600 million worth of BTC. At the time, almost all of the stolen BTC was shifted out of the attacker’s known accounts, leaving only 1.5 BTC behind.The use of crypto mixers adds a layer of anonymity to illicit transactions, making it challenging for authorities and blockchain analysts to trace the origin and destination of the funds. The attacker's utilization of this technique raises concerns about the increasing sophistication of malicious actors within the crypto space.Thorchain and cross-chain swapsIn a previous incident reported last year, the FTX attacker allegedly transferred around $8 million in Ethereum (ETH) to BTC using Thorchain, a decentralized exchange facilitating cross-chain swaps. This method allowed the hacker to convert the ETH holdings into BTC, showcasing a level of sophistication in their tactics.For those unfamiliar with the situation, FTX suffered a major security breach on Nov. 11, resulting in unauthorized withdrawals amounting to approximately $600 million. The attack raised suspicions of being an inside job, as it occurred shortly after the firm filed for bankruptcy protection and founder Sam Bankman-Fried stepped down from his role as CEO.The ongoing drama of the FTX attacker highlights the challenges faced by the crypto community in combating sophisticated threats. The use of crypto mixers and cross-chain swaps adds complexity to tracking illicit transactions, highlighting the need for enhanced security measures and regulatory frameworks within the crypto space.

On November 17, precisely one year ago, the FTX exchange initiated bankruptcy proceedings, appointing John Ray III as its Chief Executive Officer.
The individual responsible for establishing the organization, Sam Bankman-Fried, was convicted after an extensive trial lasting for a duration of one month, during which his associates testified against his character.
The FTX native token, FTT, has seen a decline of 15% in its value, accompanied by a significant decrease of 25% in trading volume.
On November 17, the FTX exchange garners attention within the cryptocurrency industry, despite the prevailing emphasis on the US Securities and Exchange Commission's (SEC) scrutiny of spot Bitcoin exchange-traded funds (ETFs). Interest has been aroused in the defunct trading platform, since the calendar indicates that precisely one year has elapsed since the company initiated bankruptcy proceedings.
The commemoration of the FTX bankruptcy anniversary occurs.
On November 17, one year ago today, the FTX exchange began the process of filing for Chapter 11 bankruptcy protection. The occurrence of bankruptcy ensued as a result of a liquidity difficulty pertaining to its indigenous token, FTT. The disclosure of the platform's leverage and solvency concerns resulted in a phenomenon known as a bank run, when consumers hastily withdrew their funds. In the end, FTX had difficulties in providing service to its clientele, resulting in a suspension of withdrawal operations.
The exchange first attributed the impact to the bear market of 2022. Subsequent investigations brought to light that the Chief Executive Officer and founder, Sam Bankman-Fried (SBF), had engaged in fraudulent activities by misappropriating funds from the exchange. Furthermore, it brought to light his unauthorized use of client cash by extending loans to Alameda Research, a hedge fund affiliated with FTX.
Consequently, Caroline Ellison, the former CEO of Alameda Research and former romantic partner of #sbf , together with Gary Wang and Nishad Singh, former executives of FTX, have been indicted on many criminal charges.
It is crucial to acknowledge that during the first months of 2022, FTX emerged as one of the most prominent cryptocurrency exchanges, with a worth of $32 billion. Nevertheless, subsequent to a surge of withdrawals on the exchange throughout the month of November, the trading platform was obligated to initiate proceedings for Chapter 11 bankruptcy. Subsequent findings have shown that the aforementioned exchange is indebted to creditors in excess of $8 billion.
Upon occurrence, John Ray III assumed the role of temporary Chief Executive Officer (CEO) in order to lead the recovery endeavors with the aim of revitalizing the platform. With the objective in mind, the individual formed a task group to evaluate the feasibility of reviving the exchange as a strategy to enhance the benefits for the creditors.
Sam Bankman-Fried has been found guilty on seven charges of fraud and conspiracy by a 12-member jury earlier this month. Caroline, Singh, and Wang were pivotal witnesses for the prosecution subsequent to their admission of guilt. According to the testimony provided, Bankman-Fried allegedly instructed individuals to engage in illicit activities, including as aiding in the looting of FTX by Alameda and providing false information to lenders and investors about the financial state of the company.
SBF, who is in incarcerated, is awaiting sentence on March 28, 2024, subsequent to the court's decision to revoke his bail in August. The aforementioned actions were motivated by apprehensions over the individual's interference with evidentiary materials and coercion of witnesses. During that period, it was determined that Bankman-Fried used his interim release to engage in intimidation tactics against Caroline Ellison, via the unauthorized disclosure of personal papers and diaries.
As of the present moment, the #FTX's token, denoted as #ftt , is currently being traded at a value of $3.0921. This price reflects a decrease of 15% during the last 24 hours, as well as a substantial decline of almost 90% since the trading platform's insolvency.

1. Bitfinex and Tether's Transparency Stand: - Bitfinex and Tether decide against opposing a Freedom of Information Law (FOIL) request initiated by news publications, affirming a commitment to transparent information sharing. - The FOIL request stems from a 2021 agreement in New York, addressing allegations of $850 million fund commingling. Both companies paid fines and agreed to quarterly attestation reports.2. Do Kwon's Legal Journey: - Montenegro court approves the extradition of Terraform Labs co-founder Do Kwon to either South Korea or the United States. - Kwon, previously sentenced to four months in Montenegro for using a forged passport, awaits the final extradition decision from Montenegro's minister of justice.3. Unconventional Trading in Prison: SBF's Mackerel Dealings: - Former FTX CEO Sam Bankman-Fried, currently incarcerated, reportedly trades mackerel (a prison commodity) for services. - Mackerel, a popular prison currency, is sold for $1.30 per packet at the Metropolitan Detention Center.4. KyberSwap's Sophisticated Attack: - Decentralized finance expert analyzes the $46 million KyberSwap attack, revealing a complex smart contract exploit. - The attacker exploited an "infinite money glitch" specific to KyberSwap's concentrated liquidity implementation. - Steps involved borrowing 10,000 Wrapped Ether (wETH) from Aave, tricking the contract into believing it had more liquidity than actual.5. KyberSwap's Fallout: - KyberSwap's total value locked (TVL) plunges by 68% after the attack, reaching a low of around $27 million. - Previous TVL highs of $134 million in 2023 highlight the significant impact of the exploit on the platform.In a day marked by legal decisions, transparency pledges, unconventional prison trades, and sophisticated crypto attacks, the intricate steps of each event contribute to the ever-evolving narrative in the crypto space.#BTC #ETH #FTX's #KyberSwap #LUNC $BTC $FTT $LUNA

FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit rock bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.After the monthlong trial, jurors rejected Bankman-Fried's claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world's second-largest crypto exchange, collapsed into bankruptcy a year ago."His crimes caught up to him. His crimes have been exposed," Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers' accounts into his "personal piggy bank" as up to $14 billion disappeared.She urged jurors to reject Bankman-Fried's insistence when he testified over three days that he never committed fraud or plotted to steal from customers, investors and lenders and didn't realize his companies were at least $10 billion in debt until October 2022.Bankman-Fried was required to stand and face the jury as guilty verdicts on all seven counts were read. He kept his hands clasped tightly in front of him. When he sat down after the reading, he kept his head tilted down for several minutes.After the judge set a sentencing date of March 28, Bankman-Fried's parents moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand across her face after he left the room.U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried "perpetrated one of the biggest financial frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto."$BNB "But here's the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time, and we have no patience for it," he said.Bankman-Fried's attorney, Mark Cohen, said in a statement they "respect the jury's decision. But we are very disappointed with the result.""Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him," Cohen said.The trial attracted intense interest with its focus on fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty and was sentenced to 150 years in prison, where he died in 2021.The prosecution of Bankman-Fried, 31, put a spotlight on the emerging industry of cryptocurrency and a group of young executives in their 20s who lived together in a $30 million luxury apartment in the Bahamas as they dreamed of becoming the most powerful player in a new financial field.Prosecutors made sure jurors knew that the defendant they saw in court with short hair and a suit was also the man with big messy hair and shorts that became his trademark appearance after he started his cryptocurrency hedge fund, Alameda Research, in 2017 and FTX, his cryptocurrency exchange, two years laterThey showed the jury pictures of Bankman-Fried sleeping on a private jet, sitting with a deck of cards and mingling at the Super Bowl with celebrities including the singer Katy Perry. Assistant U.S. Attorney Nicolas Roos called Bankman-Fried someone who liked "celebrity chasing."In a closing argument, defense lawyer Mark Cohen said prosecutors were trying to turn "Sam into some sort of villain, some sort of monster.""It's both wrong and unfair, and I hope and believe that you have seen that it's simply not true," he said. "According to the government, everything Sam ever touched and said was fraudulent."The government relied heavily on the testimony of three former members of Bankman-Fried's inner circle, his top executives including his former girlfriend, Caroline Ellison, to explain how Bankman-Fried used Alameda Research to siphon billions of dollars from customer accounts at FTX.With that money, prosecutors said, the Massachusetts Institute of Technology graduate gained influence and power through investments, contributions, tens of millions of dollars in political contributions, congressional testimony and a publicity campaign that enlisted celebrities like comedian Larry David and football quarterback Tom Brady.#tia Ellison, 28, testified that Bankman-Fried directed her while she was chief executive of Alameda Research to commit fraud as he pursued ambitions to lead huge companies, spend money influentially and run for U.S. president someday. She said he thought he had a 5% chance to be U.S. president someday.Becoming tearful as she described the collapse of the cryptocurrency empire last November, Ellison said the revelations that caused customers collectively to demand their money back, exposing the fraud, brought a "relief that I didn't have to lie anymore."FTX cofounder Gary Wang, who was FTX's chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX's operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line of up to $65 billion. Wang said the money came from customers.Nishad Singh, the former head of engineering at FTX, testified that he felt "blindsided and horrified" at the result of the actions of a man he once admired when he saw the extent of the fraud as the collapse last November left him suicidal.#FTX's Ellison, Wang and Singh all pleaded guilty to fraud charges and testified against Bankman-Fried in the hopes of leniency at sentencing.Bankman-Fried was arrested in the Bahamas in December and extradited to the United States, where he was freed on a $250 million personal recognizance bond with electronic monitoring and a requirement that he remain at the home of his parents in Palo Alto, California.His communications, including hundreds of phone calls with journalists and internet influencers, along with emails and texts, eventually got him into trouble when the judge concluded he was trying to influence prospective trial witnesses and ordered him jailed in August.$USDC During the trial, prosecutors used Bankman-Fried's public statements, online announcements and his congressional testimony against him, showing how the entrepreneur repeatedly promised customers that their deposits were safe and secure as late as last Nov. 7 when he tweeted, "FTX is fine. Assets are fine" as customers furiously tried to withdraw their money. He deleted the tweet the next day. FTX filed for bankruptcy four days later.$MEME In his closing, Roos mocked Bankman-Fried's testimony, saying that under questioning from his lawyer, the defendant's words were "smooth, like it had been rehearsed a bunch of times?"But under cross examination, "he was a different person," the prosecutor said. "Suddenly on cross-examination he couldn't remember a single detail about his company or what he said publicly. It was uncomfortable to hear. He never said he couldn't recall during his direct examination, but it happened over 140 times during his cross-examination."#CryptoMoj Former federal prosecutors said the quick verdict — after only half a day of deliberation — showed how well the government tried the case."The government tried the case as we expected," said Joshua A. Naftalis, a partner at Pallas Partners LLP and a former Manhattan prosecutor. "It was a massive fraud, but that doesn't mean it had to be a complicated fraud, and I think the jury understood that argument.#CryptoNews🔒📰🚫