In November 2022, cryptocurrency investors experienced a significant upheaval. Yes, I am talking about the FTX collapse. One of the biggest crypto fraudsters in history, SBF, has already gone to his cell to serve his 20-year sentence. The US completed the trial, and his accomplices were also sentenced. However, since a different system was applied where informant accomplices were favored, they did not face as severe penalties. For example, Centra Tech can be cited as an example.
FTX Exchange is Being Sold
Now, let’s return to our topic. The FTT Coin price suddenly surged to $1.739. According to a report just published by Reuters, the Japanese branch of the FTX exchange will be sold. There are currently no further details about the sale of the exchange, which is said to be acquired by Bitflyer. There were also talks of various buyers for FTX US and Global, but potential buyers backed out due to the complexity of the legal process and investor distrust.
So, what does the sale of FTX have to do with FTT Coin? Speculative traders believe that if the FTX exchange is indeed sold, the heavily lost FTT Coin will resume its former role in the exchange under new ownership. However, FTX has already sold a significant portion of its FTT Coin reserves, and there is no answer to why the new owner should use this token as before, given that they cannot hold a substantial amount in reserve. In crypto, not everything needs an answer. Prices rise, and most investors do not care whether the reason is logical. However, it should be noted that it can fall just as quickly.
