FarmaTrust(FTT)

The value of FTX's FTT token surged 10% on the news.

FTT bounced off a key price level yesterday after retesting it as support. It has provided another big opportunity for a long-term buy after falling to its lowest price level in two months. The trend is likely to reverse soon. Following several drops in the past seven weeks, FTT extended […]

Its FTT token surged nearly 11% after the news.

FTT was up 11% in the past 24 hours as the broader market tracked by CoinDesk 20 slumped 4%.

FTT found support this week after retracing for two weeks. The price bounced back earlier today as it gears up for another leg up. A surge through the last month’s resistance could set the asset for a big rally. In late 2023, when the overall market started to pick up, […]

While BTC has calmed below $46,000, BCH has gone on a tear with a massive surge.

Get ready to ride the wave of exciting developments in the crypto landscape. This article explores the surging success of Terra Classic (LUNC) and the FTX Token (FTT) while shining a spotlight on the rising star of the AI altcoin scene – InQubeta (QUBE). It’s a tale of rapid growth, […]

FTX Token (FTT) has continued its upward trajectory over the weekend, gaining another 15% to reach its highest level in a year. FTT has been rallying nonstop since early November on speculation that the collapsed FTX exchange could make a comeback with an “FTX 2.0” relaunch at some point. While FTT grabs headlines, investors are […]

FTT is up by double digits on both daily and weekly scales.

This surge suggests significant institutional attention despite the token’s historical association with FTX’s financial challenges.

FTT has exploded by 100% in the past week and around 300% on a monthly basis.

FTT has emeged as the top performer on a weekly scale, due to the growing rumors of a FTX restart.

In a stunning turn of events, FTT, the native token of the now-defunct cryptocurrency exchange FTX, experienced a remarkable 150% surge Friday to tap $5.53 following comments made by U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler.

FTX's native token stands in a league of its own in terms of both daily and weekly gains.

News of the companies bidding for FTX's remains have triggered the exchange's token FTT to soar roughly 70% within 24 hours.

FTT, the native token of defunct cryptocurrency exchange FTX, has surged by 90% following comments from SEC chairman Gary Gensler in relation to a potential reboot of the exchange that collapsed one year ago.

Plans to bring Sam Bankman-Fried's crypto exchange FTX back to life are currently underway.

Binance CEO Changpeng Zhao said in a 2022 post the company had received over $2.1 billion in binance usd (BUSD) stablecoins and FTX’s FTT tokens.

The former Alameda Research CEO placed part of the blame for FTX's failure on CZ, while the Binance CEO claimed Ellison's offer to buy the firm's FTT holdings was the cause.

Nansen analysts observed “unusual transactions between FTX and Alameda” in the days leading up to FTX’s bankruptcy.

Bankrupt crypto lender BlockFi is reportedly trying to block attempts by FTX and Three Arrows Capital (also bankrupt) to retrieve millions of dollars to pay back their creditors. BlockFi has claimed that, by its estimates, legal battles with FTX and Three Arrows Capital could cost its customers up to $1 billion. BlockFi Looks To Stop FTX And 3AC Repayment BlockFi claimed in a 21st August filing at the New Jersey bankruptcy court that its own creditors must not be pushed to the back of the line because FTX’s creditors were harmed thanks to the exchange allegedly misappropriating the $5 billion that BlockFi had initially lent it. In an attempt to safeguard the interest of its creditors, BlockFi has stated it will actively look to block attempts by FTX and Three Arrows Capital to claw back billions to pay off their own creditors. The crypto lender argued that its bankruptcy directly resulted from the fraud perpetrated by FTX and 3AC. BlockFi stated in its filing, “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors. To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands.” FTX had also given $400 million to BlockFi in June 2022 in an attempt to remedy the situation. This was in addition to purchasing BlockFi equity pursuant to a loan agreement, the filing added. However, BlockFi has stated that this was not a standard loan agreement. Instead, the crypto lender has stated that it was an unsecured, 5-year term which was also well below market rates. It further added that repayments were not due until the firm would supposedly mature. BlockFi called FTX’s investment a gamble, one that BlockFi’s creditors should not be held liable for. BlockFi stated in its argument, “Just because FTX’s fraudulent actions caused FTX’s bet to fail does not mean BlockFi’s creditors are now somehow liable to refund the purchase price.” BlockFi Owes Billions To Creditors Several estimates have shown that BlockFi reportedly owes up to $10 billion to over 100,000 creditors. This figure includes $1 billion to three of its largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital. Three Arrows Capital’s creditors have reportedly expressed considerable frustration with the slow pace of bankruptcy proceedings. BlockFi has argued that Three Arrows Capital, like FTX, was not entitled to repayment and claimed that the crypto hedge fund used fraudulent means to borrow the funds. Three Arrows Capital had previously taken loans from BlockFi, on which it subsequently defaulted. This led to the foreclosure on the collateral, leading to what liquidators have described as a $220 million preferential payment to BlockFi. BlockFi’s creditors have also accused the company of ignoring several warnings and red flags when dealing with FTX and its sister concern Alameda Research, just months prior to the FTX collapse. The creditors claimed that the CEO of BlockFi ignored advice from BlockFi’s risk management team, which had stated that Alameda Research’s balance sheet primarily consisted of FTX’s own FTT token. However, the CEO dismissed such concerns and urged the risk management team to get comfortable with Alameda Research being a borrower similar to Three Arrows Capital. “As early as August 2021, BlockFi’s risk management team was advised that Alameda’s balance sheet was largely comprised of ‘~7bb unlocked FTT and 11bb total including locked tokens based on unaudited financials. This set off alarms at BlockFi. Mr. Prince dismissed the concerns, urging the risk team to learn to ‘get comfortable [with Alameda] being a three arrows size borrower, just with FTT and other collateral types instead of GBTC shares.” However, BlockFi’s creditors settled with the company last month on moving ahead with a repayment plan. BlockFi collapsed just weeks after FTX, filing for Chapter 11 bankruptcy on the 28th of November. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bankrupt crypto lender BlockFi is reportedly trying to block attempts by FTX and Three Arrows Capital (also bankrupt) to retrieve millions of dollars to pay back their creditors. BlockFi has claimed that, by its estimates, legal battles with FTX and Three Arrows Capital could cost its customers up to $1 billion. BlockFi Looks To Stop FTX And 3AC Repayment BlockFi claimed in a 21st August filing at the New Jersey bankruptcy court that its own creditors must not be pushed to the back of the line because FTX’s creditors were harmed thanks to the exchange allegedly misappropriating the $5 billion that BlockFi had initially lent it. In an attempt to safeguard the interest of its creditors, BlockFi has stated it will actively look to block attempts by FTX and Three Arrows Capital to claw back billions to pay off their own creditors. The crypto lender argued that its bankruptcy directly resulted from the fraud perpetrated by FTX and 3AC. BlockFi stated in its filing, “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors. To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands.” FTX had also given $400 million to BlockFi in June 2022 in an attempt to remedy the situation. This was in addition to purchasing BlockFi equity pursuant to a loan agreement, the filing added. However, BlockFi has stated that this was not a standard loan agreement. Instead, the crypto lender has stated that it was an unsecured, 5-year term which was also well below market rates. It further added that repayments were not due until the firm would supposedly mature. BlockFi called FTX’s investment a gamble, one that BlockFi’s creditors should not be held liable for. BlockFi stated in its argument, “Just because FTX’s fraudulent actions caused FTX’s bet to fail does not mean BlockFi’s creditors are now somehow liable to refund the purchase price.” BlockFi Owes Billions To Creditors Several estimates have shown that BlockFi reportedly owes up to $10 billion to over 100,000 creditors. This figure includes $1 billion to three of its largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital. Three Arrows Capital’s creditors have reportedly expressed considerable frustration with the slow pace of bankruptcy proceedings. BlockFi has argued that Three Arrows Capital, like FTX, was not entitled to repayment and claimed that the crypto hedge fund used fraudulent means to borrow the funds. Three Arrows Capital had previously taken loans from BlockFi, on which it subsequently defaulted. This led to the foreclosure on the collateral, leading to what liquidators have described as a $220 million preferential payment to BlockFi. BlockFi’s creditors have also accused the company of ignoring several warnings and red flags when dealing with FTX and its sister concern Alameda Research, just months prior to the FTX collapse. The creditors claimed that the CEO of BlockFi ignored advice from BlockFi’s risk management team, which had stated that Alameda Research’s balance sheet primarily consisted of FTX’s own FTT token. However, the CEO dismissed such concerns and urged the risk management team to get comfortable with Alameda Research being a borrower similar to Three Arrows Capital. “As early as August 2021, BlockFi’s risk management team was advised that Alameda’s balance sheet was largely comprised of ‘~7bb unlocked FTT and 11bb total including locked tokens based on unaudited financials. This set off alarms at BlockFi. Mr. Prince dismissed the concerns, urging the risk team to learn to ‘get comfortable [with Alameda] being a three arrows size borrower, just with FTT and other collateral types instead of GBTC shares.” However, BlockFi’s creditors settled with the company last month on moving ahead with a repayment plan. BlockFi collapsed just weeks after FTX, filing for Chapter 11 bankruptcy on the 28th of November. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Defunct crypto exchange FTX announced its plans for rebooting the platform and paying back its creditors; the FTT token reacted by a sudden 15% surge in price. The Restart of the FTX Offshore Exchange Will Depend on its Creditors On July 31, 2023, the bankrupt crypto exchange FTX Trading Ltd. filed a Draft Plan of Reorganization and a Term Sheet, confirming the rumors about a possible relaunch of the platform. According to the plan, FTX divided its claimants into different categories: FTX.com offshore exchange customers, referred to as “dotcom customers”; the U.S. exchange customers; customers of the non-fungible token (NFT) exchange; general unsecured claims; secured claims; and subordinated claims. The international “dotcom” users have the option to pool their assets and create a “rebooted” offshore FTX exchange, not available in the US. In this case, these customers are entitled to get a stake in the new platform instead of receiving a cash payout: “Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests.” The proposal stated that FTX administrators will use “the waterfall approach” to determine the priority of claims. This means that each class will receive a pro-rata payout from the pool of remaining assets after the payout to the preceding class is finished. What about FTT and its Holders? In response to the news, the FTX token jumped by about 15% reaching the mark of $1.55, even though it pulled back to $1.4 shortly after. However, the plan clarified that the FTT holders won’t receive any compensation for their losses as their claims are to be canceled and extinguished: “Claims by holders of FTT (whether or not held on any FTX exchange), preferred stock and equity investors in the Debtors and related claims. All these claims and interests will be canceled and extinguished as of the Effective Date and holders will not receive any distribution.” Moreover, there are rumors that the FTX token will be eliminated altogether, and the claimants will receive their payout in USD as of the date of bankruptcy. It’s also worth mentioning that FTT was previously labeled an unregistered security by the US Securities and Exchange Commission (SEC). The FTX Drama Continues The defunct exchange still struggles to deal with other consequences of its sudden fall in November, 2022. Earlier today, it has been announced that FTX almost reached a resolution in its dispute with another bankrupt crypto company Genesis. Meanwhile, ex-CEO of FTX Sam Bankman-Fried is still facing seven charges related to wire fraud, securities fraud, and money laundering, partly for misappropriating the FTX customer funds. As of recent developments, Bankman-Fried agreed to a gag order while waiting for an update on his bail status. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The re-booted exchange would only cater to the offshore customers and not US investors.