A tweet from Samuel Bankman-Fried sends FTT, FTX’s cryptocurrency, soaring

The former head of FTX assures that the issuance of a new FTT token would revive the activity of the American giant.

Samuel Bankman-Fried (SBF) continues to influence the cryptocurrency market. On Friday, the former head of FTX responded to a tweet by CNBC journalist Ryan Neuner, offering solutions to revive the activity of the giant, which fell on November 11.

Among the solutions are, for example, those of reopening the FTX platform or even issuing a new FTT token (the cryptocurrency launched by FTX) and distributing the token to the platform’s creditors.

“I still think this would be a productive avenue for the parties to explore! I *hope* the teams in place will,” tweeted Samuel Bankman-Fried.

47% increase

Following this tweet, FTX’s native cryptocurrency FTT jumped 47% to $1.97 on Friday afternoon, the highest since November 16, according to data from Coinmarketcap.

“Neuner’s proposal amounts to a debt restructuring plan,” trader Griffin Ardern said. CoinDesk. “Sam’s support for the same plan appears to have revived investors’ hopes of getting their funds back.”

This cryptocurrency is at the heart of the FTX collapse. As a reminder, in early November, the specialized media CoinDesk revealed that the $14.6 billion in assets held by Alameda Research, FTX’s trading platform, was primarily FTT, the token launched by FTX. Concretely, this means that the company was mainly based on a cryptocurrency, and that in the event of a sharp drop in this or a sense of mistrust from investors, Alameda Research risked becoming insolvent.

On Sunday, November 6, Binance CEO Changpeng Zao (CZ) announced that his platform – which had acquired around $2.1 billion in BUSD and FTT following a deal with FTX – has decided to get rid of its FTTs. A few hours later we were told that a very large transfer had been made (more than 20 million FTT or 530 million dollars). A transfer that brought down the price of this FTT cryptocurrencythe beginning of the descent into hell for FTX.

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