#FTT is the platform coin of FTX Exchange (the third largest exchange in the world), similar to the relationship between BNB and Binance. On November 8, 2022, CZ’s Twitter announced that FTX Exchange had a liquidity depletion problem, which exposed internal problems and led to a chain reaction that eventually led to bankruptcy. FTT fell directly from 26 to a minimum of 0.98, when the price of BTC was more than 16,000. Now it has been almost two years. The FTX incident has basically come to an end, and $FTT has been hovering at the bottom price for 2 years.

In recent years, SBF was arrested and put in jail. FTX exchange sold physical assets and virtual assets to repay debts, and many celebrities donated by FTX also refunded. The list is quite long, to focus on the key points, physical assets include private jets, apartments, etc., virtual assets include investment projects and held currencies such as: SOL, WLD, SUI, TIA, APT, etc., as well as some exchanges and crypto projects. Overall, enough creditors have been paid and 9-11% interest can be paid. For this reason, the official Twitter announced the news on May 8.

SBF has not spoken since the end of last year, probably because it is not convenient. FTX has not made any new updates since this tweet.

Two important news publicly released by the media were that FTX previously announced that the exchange would not be restarted, and FTT fell directly to 1.44, and that it recently publicly stated that it had submitted a restructuring amendment, but FTT did not rise much.

In the documents released by the bankruptcy court, FTX submitted four documents on May 22 and June 7 respectively:

1.15520 Chapter 11 Plan of Reorganization - Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and Its Debtor Affiliates Filed by FTX Trading Ltd. (Attachments:#1Exhibit A)

2. 15521 Disclosure Statement of Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and Its Affiliated Debtors and Debtors in Possession Filed by FTX Trading Ltd. (related document(s) 15520 ) (Attachments: # 1 Exhibit A # 2 Exhibit B # 3 Exhibit C # 4 Exhibit D # 5 Exhibit E)

3. 15522 Exhibits Filed by FTX Trading Ltd. (Notice of Revised Plan of Action Blackline Filing and Revised Disclosure Statement) (related document(s) 14300, 14301, 15520, 15521). (Attachments:#1Attachment 1#2Attachment 2)

4. 17004 Exhibits (Notice of Proposed Order (i) Approving the Adequacy of the Disclosure Statement; (ii) Approving the Solicitation Plan; (iii) Approving the Form of Ballot; (iv) Establishing Voting, Solicitation, and Tabulation Procedures; and (v) Establishing Notice and Objection Procedures for the Confirmation Plan) (related document(s) 4863) Filed by FTX Trading Ltd. (Attachments:#1Attachment 1#2Attachment 2#3Attachment 3)

The debt repayment will be completed within 60 days starting from May 8. To put it simply, the above four documents mean that FTX wants to reorganize, the creditors have agreed, I have also notified everyone, and are preparing for the bidding and confirmation procedures. Even if there are objections, we have a response process.

According to the U.S. Bankruptcy Court and relevant laws, the debtor’s vote is required to approve the restructuring after the entity goes bankrupt. If the creditors disagree, according to the law, the bankruptcy court can directly rule in favor of the restructuring after evaluating the facts and debt repayment situation and feels that FTX has not concealed assets and can repay all debts as required by the court. Although the news has been saying recently that a small number of creditors do not recognize the compensation, it is mainly because the value of all virtual currencies is calculated based on the BTC price of more than 16,000 on the day of bankruptcy. Now it has risen so much, especially SOL, WLD, etc., which is unfair. But the bankruptcy court itself ruled in this way. It is impossible for it to directly slap itself in the face, and FTX can pay compensation and pay interest. It is very likely that the court will unilaterally support the restructuring.

So far, the progress of the whole incident has been basically restored and explained. If you agree with the results of the research in the title, please like it and continue reading. If you think this is nonsense, you can skip it to save your precious time.

The lowest round of FTT financing price was 0.04, and the highest round was 0.7. The price before bankruptcy was 26, and the price of Bitcoin was more than 16,000. The lowest price fell to 0.98 after bankruptcy. When there was a BUSD trading pair, it fell to 0.78. The total amount of tokens was 350 million and fully circulated. Everyone knows that FTX went bankrupt. FTT is a garbage coin and will return to zero sooner or later. In the past two years, FTT has not returned to zero, and it has not even fallen to 0.7. There is no other explanation except that the dealer is protecting the market. Moreover, 70% of the coins are in the hands of FTX and have not moved. If it really becomes a garbage coin, it should fall below 0.8 like Luna (institutional price 0.8), with many zeros! The deadline for compensating creditors is July 8. In the documents submitted by FTX on June 7, it clearly proposed a bidding plan, which basically said that I want to reorganize and the reorganization will definitely succeed. Now it depends on when the reorganization will be completed, what capital will be stationed, and when it will start operating. There is no need to question whether FTX can develop. It is normal for the price to return to 23-26. It is not impossible to reach 50 or even 83 at its peak. A company that can repay its debts is also relatively rare in reality. There is a benchmark for comparison, CEL (the world's largest centralized lending platform, there is no such coin on Binance, but there is on OK). When it went bankrupt, the price of the coin plummeted to around 0.1. After the 4 billion debt was repaid, it soared to around 2! This is a precedent.

From the perspective of investment, if there is no crash, how can retail investors have the opportunity to pick up bargain-priced chips? Without bargain-priced chips, how can they get high returns! Didn’t Buffett and Charlie Munger invest in high-quality assets during economic downturns? ! BTC knows that it will rise, so why don’t we retail investors go all-in? The returns are too low! Why should we buy knockoffs? If the returns rise a lot, we can turn things around and achieve financial freedom!

Now the coins listed on Binance are in circulation of hundreds of millions or even billions. Don't buy them at all. You can only make a living and then withdraw. If you want a high-multiple coin, you must choose a good project with a low market value. Why did the 100-fold coins fly around in the last bull market? Because the market value of the coins was only a few million, and it was easy to pull them up. Now there is none. All the projects are launched by the project owners to cut leeks.

I would also like to mention that Layerzero (ZRO) is about to be launched, so please invest with caution!