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

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

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.