FTX is a cryptocurrency derivatives trading platform built by cryptocurrency liquidity provider Alameda Research.
The FTT token is a utility token in the FTX ecosystem.
FTT can provide various functions within the FTX ecosystem. The most notable features include lower trading fees on the FTX trading platform, multiple OTC discounts for token holders, and FTT's eligibility as collateral for derivative trading.
The current status of the FTX exchange is quite complex, primarily due to its severe financial crisis at the end of 2022, which ultimately led to bankruptcy protection. Here are the main points regarding FTX's current situation:
FTX announced bankruptcy on November 11, 2022, due to a liquidity crisis and financial opacity. The bankruptcy proceedings are ongoing, involving multiple jurisdictions, particularly in the United States. FTX founder Sam Bankman-Fried (SBF) has been accused of fraud and misuse of customer funds and currently faces multiple criminal charges.
Following the bankruptcy filing, FTX initiated an asset restructuring plan aimed at restoring some operations and repaying debts. FTX's bankruptcy case involves numerous debtors and customers, and the restructuring process could take years.
The collapse of FTX has drawn the attention of global regulators, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). They are investigating FTX's fund management and whether it violated relevant financial regulations.
FTX's bankruptcy has resulted in significant losses for many customers, with many unable to successfully retrieve their assets. Some users' funds were transferred to other accounts or disappeared, leading to widespread distrust.
After the bankruptcy filing, FTX was taken over by a new management team focused on restoring some operations and liquidating existing assets. This team is led by restructuring expert John Ray III, who was responsible for the Enron bankruptcy case.
The collapse of FTX has had a profound impact on the entire cryptocurrency industry, with many projects and companies suffering losses, exacerbating the industry's trust crisis. This event has also spurred discussions on regulatory oversight of cryptocurrency exchanges and related products across various countries.
The FTX exchange has announced that its Chapter 11 reorganization plan will officially take effect on January 3, 2025. This means that FTX, after undergoing bankruptcy in 2022, is now in the restructuring phase, which includes compensation distribution to creditors. The first round of distribution is expected to commence within 60 days after the reorganization plan takes effect, targeted only at approved creditors in the convenience category.
It is worth noting that Trump previously pardoned some controversial figures, but whether he will intervene in this case remains to be seen.
The price of the FTT token has shown significant volatility recently. Recently, the price of FTT once broke through to 4.4 USDT, and the current quote is 2.9 USDT.
Consolidating above the bullish area of $2.643, which aligns with the key support area at the 0.786 Fibonacci level, suggests a potential rebound. The first target (T1) is $3.576, followed by $4.179, with an extended target of $4.794. A breakout above the downward trend resistance and strong buying volume will confirm bullish momentum. A stop loss can be set below $2.643.#BTC再创新高
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