**FTX Token (FTT) Surges Amid Bankruptcy Rumors**

FTX Token (FTT), the native cryptocurrency of the bankrupt exchange FTX, saw a dramatic price surge on Sept. 29. The token jumped over 70%, hitting a high of $2.70 for the first time since March 2024, according to CoinGecko.

The rally was fueled by social media buzz suggesting that the FTX bankruptcy estate might start distributing reimbursement funds to creditors and customers. However, the official Chapter 11 filing indicates that the bankruptcy plan is still pending court approval, with a hearing set for Oct. 7.

If approved, distributions to creditors under $50,000 could begin by the end of 2024, while larger claims may have to wait until 2025.

Stay tuned for more updates on this developing story.