As the FTX bankruptcy case and fraud charges against co-founder Sam Bankman-Fried continue to unfold, the value of the exchange’s token, FTX Token (FTT), has seen significant growth. Since Jan. 9, 2023, FTT has risen 28.42% and currently sits above the $1 range, following a dip below that threshold.
FTT Token Jumps 28% Rising Above the $1 Threshold
The value of FTX’s exchange token, FTT, has seen a marked increase over the past two days. On Jan. 9, 2023, the coin reached $1.36 per unit. While some of those gains have been lost, FTT is currently holding above the $1 range at $1.22 per coin as of 9:30 a.m. Eastern Time on Jan. 11, 2023. The reason for this surge in value is uncertain, as FTT’s tokenomics are tied to the now-defunct FTX exchange and its potential future growth.
FTT’s levels of ownership concentration are extremely high, with a single address controlling 59.55% of the entire FTT supply. Additionally, an unknown hacker holds 45.85 million FTT tokens, comprising 13.9
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