FTX has constantly remained in the spotlight since its evolution, especially after its collapse in late 2022. In a recent development, it has been noted that Ryan Salame the co-founder of FTX who was jailed over severe allegations of fraud, conspiracy, and others, has got a reduced sentence of 1 year without any clear specification.
The former executive officer of the exchange was jailed with others including Sam Bankman Fried, Nishad Singh Gary Wang, and others. Following the sudden demise of FTX in late 2022, the wider market went into the red losing millions of dollars in just a few hours.
A media outlet reported that the jail authorities supervised the track record of Ryan Salame and noted that he is expected to be released on March 01, 2031.
However the clear reason behind the decrease in the term in jail is yet to be justified, it is worth noting that an unknown jail official told the press that the reason behind lessen in prison term is the reflex action of good behaviour.
The person quotes “Qualifying individuals will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court.”
It is worth noting that under the leadership of the new chief executive officer FTX has cleared some of the big loans and other legal tussles.
Will FTX be able to come back with a surged intensity?
After the departure of Sam Bankman Fried and his co-founder friends from FTX, now the exchange has managed to repay the loans from institutional investors, and the funds held by innocent investors.
Most recently Todayq reported that FTX and its subsidiary agreed to pay some $8.4 billion to the creditors whom the CEX crypto exchange’s founder and former CEO looted.
Following the news of the sudden decline of FTX and its trading arm Alameda Research, several other companies went on to file for bankruptcy due to massive exposure with the crypto exchange.
Names like Galaxy Digital, Terra LUNA, BlockFi, Celsius Network, Voyager Digital, Three Arrows Capital, and several others, have disappeared from the market after severe losses from the bankruptcy of FTX and associated companies.
It is worth noting that to date there are no claims for starting any crypto-based services, yet there are speculations that the new CEO of the exchange might help it to grow with a new image.
FTT Price Updates
At the time of writing, FTT the native of FTX was trading at $3.69 with an intraday surge of 6.58 percent, and it added over 40 percent in the past 30 days. The FTX token now has no real usage as following the cases and other charges against Sam its founder including
Similarly, its market capitalization grew more than 6.50 percent and was $1.21 billion as of writing, and at the same time, the market volume was $156.20 million, which grew 12 percent.
