FTT Price Crashes 98% from Peak as Bankman-Fried Found Guilty of Fraud

FTX token (FTT) plummets to its lowest point of the year at $1.18, down 98% from its peak.
Sam Bankman-Fried's (SBF) conviction on fraud charges and FTX's November bankruptcy contribute to the decline.
New management at FTX is working to recover lost funds and rebrand the exchange, offering a glimmer of hope for FTT.

FTX token, known as FTT, has taken a considerable hit, plummeting to its lowest point of the year at $1.18, marking a 6% decrease. Notably, the coin’s value has tumbled more than 98% from its peak of $85.02.

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SBF’s Trial Leads to a Plunge

This recent decline is primarily attributed to the trial of Sam Bankman-Fried (SBF), the founder of FTX. He was recently convicted on all seven counts of fraud charges brought forth by the Department of Justice. These charges encompass allegations of conspiracy to commit wire fraud and political fraud.

His conviction follows weeks of trial, during which former associates testified against him, accusing him of engaging in deceptive practices that resulted in substantial financial losses for FTX. Bankman-Fried’s legal defense asserts that he had no intention to deceive his customers or investors.

November Bankruptcy Didn’t Help!

The negative sentiment surrounding FTX’s token, FTT, took root back in November when the FTX Derivatives Exchange filed for bankruptcy. This development shook the market’s confidence in FTT, which was previously trading at a record high of $85.02.

Price Performance – Review

Over the past 24 hours, the FTT token has seen a range of price movements, with its value dropping to as low as $1.16 and surging to a high of $1.32. The token opened at $1.25, showing a 0.017 change in the course of a day, indicating daily fluctuations.

For the year, FTT’s 52-week low was at $0.77, while its highest point reached $25.86. Despite experiencing fluctuations, the all-time high for FTT was $84.18.

All Hope is Not Lost

Despite these challenges, there is a glimmer of hope for FTT and FTX under new management. The trading platform is actively striving to recover over $7 billion in lost funds and potentially rebrand itself. This dedicated effort has the potential to reshape the future of the exchange and FTT, offering a fresh start after encountering significant obstacles.