FTX native token spikes over 100% after lawyers tell court exchange could be revived
FTT, the native token of collapsed crypto exchange FTX, surged more than 100% on April 12 after lawyers revealed they had recovered additional liquidity.
At press time, FTT was trading at $2.67, up 102.85% from $1.33 before the hearing.
This fact was revealed by Sullivan & Cromwell’s attorneys during a recent bankruptcy hearing, according to a CoinDesk report.
Lawyers told the court that the defunct exchange could be revived as it recovered about $7.3 billion worth of liquid assets.
According to the report, one potential scenario would be to convert some of the holdings of FTX creditors into shares on the revived exchange.
Furthermore, the lawyer told the court that progress on the stock distribution was still slow and “far away.”
The court has yet to make a decision on reviving FTX, and discussions are expected to include more options for creditors.
It’s unclear if the proceedings will ultimately lead to FTX’s resurrection, as it ultimately depends on creditor approval.
The FTX Native Token Soared Over 100% After Its First Appearance On CryptoSlate After Lawyers Said Forensic Exchanges Could Be Returned.
