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FTX Token (FTT) Jumps 81% as SEC Chair Hints at Conditions for FTX Reboot

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Thu, 9/11/2023 - 9:37
FTX Token (FTT) Jumps 81% as SEC Chair Hints at Conditions for FTX Reboot
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FTX Token (FTT) is in the spotlight today after the asset printed a parabolic run showcased by an 81% surge. This mega rally is rare for FTT, which lost a chunk of its value about a year ago when FTX Derivatives Exchange collapsed as a result of customer deposit mismanagement by its cofounder, Sam Bankman-Fried. 

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Per the current outlook, FTT is now changing hands for $2.22, a level it has not seen since mid-April. This revival is dramatic, as the token recently touched its year-to-date (YTD) low, but explainable. Despite the New York jury unanimously finding Sam Bankman-Fried guilty of all seven counts of charges relating to fraud, the market has chosen to see the light at the end of the tunnel.

This light is embodied in the potential to reboot the exchange, and while there have been bidders for the platform, SEC Chairman Gary Gensler recently outlined the conditions that will enable the return of the exchange through the FTX 2.0 campaign.

Speaking at DC Fintech Week, Gary Gensler said the return of the platform is possible under new leadership, preferably Tom Farley, the former president of the New York Stock Exchange, who is said to be among the three standing bidders for the platform. 

Gensler buttressed his point, noting that with proper disclosures and the ability to regain customer confidence, the currently defunct trading platform may get another shot at life.

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FTX 2.0 journey so far

Plans to relaunch the FTX exchange begin with how the ongoing bankruptcy proceedings close up FTX under Sam Bankman-Fried locked up over $8 billion in customer funds, and if these are returned, customers may be happy and possibly patronize the exchange in the presence of many alternatives.

The exchange, currently under the leadership John Ray III, confirmed it has recovered over $7 billion of the misappropriated funds, setting a positive tone for the coin's future.

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