Cryptocurrency

FXT Token (FTT) Plummets After SBF was Found Guilty

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  • FTX token (FTT) plummets to $1.1579 after founder SBF’s fraud verdict.
  • SBF was found guilty on all seven counts after a 15-day trial.
  • Sam Bankman-Fried sentencing is scheduled for March 28, 2024.

The price of FXT Token (FTT) has plummeted to its lowest point of the year, $1.1579, a decline of 8%. This precipitous drop follows the conviction of Sam Bankman-Fried (SBF), the founder of FTX, which was once ranked among the top bitcoin exchanges.

Sam Bankman-Fried’s Verdict

The outcome of SBF’s trial, in which he was found guilty on seven charges of fraud and conspiracy, was the primary impetus for this current decline. Among the charges include conspiracy to conduct wire fraud, political fraud, and others.

Former associates testified against Sam Bankman-Fried during his 15-day trial, alleging his involvement in fraudulent operations that resulted in significant financial losses for FTX clients. While SBF’s legal team contended that he had no intention of defrauding his clients or investors, the jury’s finding said otherwise. Sam Bankman-Fried also testified beginning on October 26.

FXT Token (FTT) Value

FTT’s value has plummeted by more than 98% since its all-time high of $85.02 in 2008.

Read Also: Bitcoin Mining Stocks Skyrocket as BTC Price Hovers Around $35K

FTT’s price has fluctuated over the last 24 hours, ranging from a low of $1.16 to a high of $1.32. Its 52-week low was $0.77, while its 52-week high was $25.86. However, since its all-time high, the coin has struggled to recover.

FTT Price Chart | Source: Coinstat

When the FTX filed for bankruptcy in November, the unfavorable feeling surrounding FTT began to emerge. This event reduced market confidence in FTT, which was trading at an all-time high of $85.02 at the time.

Despite these obstacles, there is a ray of hope for FTT and FTX under new leadership. The exchange is attempting to recoup more than $7 billion in lost cash and maybe rebrand itself. This project has the potential to reshape the future of the exchange and FTT, providing a fresh start after a time of tremendous difficulty.

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