For those who took a risk with the FTX token, FTT is currently experiencing a second surge, yielding substantial benefits. According to Santiment, the market value of FTT has skyrocketed by an impressive 255% in comparison to the leading cryptocurrency, Bitcoin [BTC], within just three weeks. This surge coincided with significant news from Binance. Notably, the price surge seems to be influenced by the accumulation of approximately 3 million FTT tokens, valued at $12.8 million, by the top 10 largest wallets in a mere 19 days.
The cryptocurrency sphere was recently shaken by the resignation of Changpeng Zhao, the founder and CEO of Binance, the world’s largest virtual asset exchange. Zhao stepped down after admitting guilt of violating US anti-money laundering laws. As part of the agreement, Zhao is prohibited from holding a managerial position in the company for the next three years.
As discussions unfold regarding the post-CZ era, it’s inevitable to draw parallels between the downfall of Binance’s Changpeng Zhao and the recent legal troubles of FTX’s Sam Bankman-Fried [SBF], who was convicted on seven counts of fraud. While it remains premature to speculate on the trajectory of Binance under its new CEO, FTX, under its fresh leadership, is already initiating a rebranded exchange.
FTX 2.0 Speculations In Post-Binance Landscape
The revitalization of the FTX crypto exchange involves a complex effort with various stakeholders playing a role. It’s crucial to emphasize that relaunching the exchange is a challenging endeavor, as illustrated by the complications observed in the case of crypto lender Voyager. While potential buyers expressed interest, restructuring and the distribution of tokens to creditors presented significant hurdles.
A notable issue causing concern is the lack of any proposed compensation for FTT token holders, leaving these stakeholders uncertain about their future.
However, the recent upswing of the FTX token has resulted in substantial gains for FTT investors, surpassing Bitcoin in market value. This coincided with significant developments at Binance, sparking speculations about the resurgence of FTX 2.0 following the events at the CZ-led exchange. Despite uncertainties, it’s evident that the cryptocurrency landscape has entered a new era.