FTX Token (FTT), the native cryptocurrency of failed crypto exchange FTX, has surged amid rumors of bankruptcy distributions. According to CoinGecko data, FTT surged more than 70% on September 29, reaching $2.70 for the first time since March 2024.

FTT has traded around $1.4 over the past month, with daily returns up more than 70% on September 29. However, its price has since fallen, and as of September 30, it was trading at around $2.10, representing a nearly 30% increase in the past 24 hours.

FTT’s surge came amid social media rumors that the FTX bankruptcy estate would distribute restitution funds to creditors and customers. However, according to the official Chapter 11 filing, the bankruptcy plan has yet to be approved, and a court hearing to approve the plan is scheduled for October 7.

If the plan is approved, the FTX trustee would begin distributions to creditors with claims under $50,000 by the end of 2024. Creditors with larger claims may not receive distributions until the first or second quarter of 2025.

This is a developing story and more information will be added as it becomes available. We welcome your comments.