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Bankrupt FTX’s token valuation rebounds to over $1 billion as customers contest bankruptcy plan

Press Releases Crypto News CryptoSlate Bankrupt FTX’s token valuation rebounds to over $1 billion as customers contest bankruptcy plan

Bankrupt FTX’s native token FTT market capitalization surpassed $1 billion again after a recent decline. Since the cryptocurrency exchange abruptly collapsed following a bank run in November 2022, it only briefly traded over $1 billion toward the end of last year, reaching $1.67 billion before declining back to under $850 million.

The recent resurgence can be attributed to the recent uptick observed in the token’s value during the last seven days, up more than 27% to $3.12 as of press time, according to CryptoSlate’s data.

During this period, the broader crypto market witnessed an uptrend spurred by the approval of a spot Bitcoin exchange-traded fund in the U.S. as investors rotated their investments into altcoins.

Data from CryptoSlate shows that several large-cap alternative cryptocurrencies, including Avalanche, Sui, and Ethereum, benefited from these developments as they posted double-digit gains.

Meanwhile, despite FTT’s improved price performance, the digital asset’s value remains more than 96% down from the all-time high of $84 recorded during the bull market run of September 2021.

FTX customers object to the exchange’s estimation plan

FTX’s bankruptcy process continues afoot, with several customers of the failed exchange filing objections against its plan to dollarize their digital assets’ claims.

Court filings showed that notable cryptocurrency firms, including bankrupt crypto hedge fund Three Arrows Capital, have filed objections against this plan.

Similarly, more than 60 customers of the failed firm worldwide have registered their opposition to FTX’s plan by writ

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Author: Oluwapelumi Adejumo

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