FTT token rises 17% after Sam Bankman-Fried is released on bail
Despite the bankruptcy of crypto platform FTX, its native cryptocurrency continues to trade on major exchanges
The rate of the cryptocurrency exchange FTX's native token rose 17% overnight amid news that former exchange chief Sam Bankman-Fried was released on bail. As of 4 p.m. Moscow time, the FTT rate was hovering around the $1.04 mark, according to CoinGecko.
On the evening of December 22, the cryptocurrency price rose 30% in an hour and a half, from $0.85 to $1.12. This came just after news of Judge Gabriel Gorenstein's decision that the former exchange executive would be under house arrest at his parents' home in California while awaiting trial on the FTX collapse case.
Despite FTX's bankruptcy and litigation, the FTT token continues to be traded on major cryptocurrency exchanges such as Binance, Huobi, CoinEx, MEXC and many others. At the same time, many exchanges have removed some of the trading pairs with this cryptocurrency, leaving only one pair each. For example, at CoinEx in the section of the exchange spot services left only one trading pair with the coin exchange FTX: FTT/USDT.
The delisting of the token was also reported by other exchanges. Platform MEXC Global announced the removal of futures, margin trading pairs and other products from FTT on November 14. And as of November 15, the Binance platform removed trading pairs with FTX cryptocurrency token with the exception of the platform's BUSD Stablecoin trading pair.