The FTX token has performed well this year, significantly outperforming other cryptocurrencies as attention turns to upcoming fund distributions
The FTX token (FTT) traded at $3.50 on Monday, up over 245% from its September lows and pushing its market cap to over $1.1 billion
These gains could continue into January as FTX’s bankruptcy proceedings enter their final stages. In the coming phase, over $16 billion in funds will be distributed to creditors and customers.
In mid-December, FTX Estate announced that a US court had approved a Chapter 11 reorganization plan, set to take effect on January 3rd. Creditors can begin making claims from that date, with the first distributions expected 60 days later.
FTX Estate has selected BitGo, a leading crypto custodian, and Kraken as key intermediaries for the process. Additional partners can be added to manage large-scale sales. Growing anticipation of these events has contributed to the recent FTT rally.
FTX, once one of the world’s largest centralized cryptocurrency exchanges valued at $30 billion, collapsed in 2022 following revelations about fund commingling.
Since then, Sam Bankman-Fried has been sentenced to 25 years in prison. Ryan Salame, a company executive, was sentenced to 7.5 years in prison, but our reports indicate that the sentence could be reduced by more than a year. Caroline Elision was sentenced to two years in prison for cooperating with the prosecution.
FTX token price analysis
The daily chart shows that FTT has been in a strong uptrend since…
