The price of the FTT token, which is linked to the now-defunct cryptocurrency exchange FTX, saw a significant increase on Wednesday.
The boost came in response to a statement made by FTX’s legal team in bankruptcy court, suggesting that the exchange could be resurrected as part of a wider reorganization plan. Although the plan has not yet been presented and would need court approval, the idea alone appears to have been enough to push the token’s value upwards.
Market data indicates that FTT was trading at approximately USD 1.32 against the BUSD stablecoin on Binance, with Binance’s FTT/BUSD accounting for approximately 70% of reported FTT trade volume, according to CoinGecko.
As previously reported, FTX’s legal team announced plans to submit a reorganization plan in July. Meanwhile, former FTX CEO Sam Bankman-Fried’s request to access a USD 10 million insurance policy to help cover his legal fees was denied by the bankruptcy court on Wednesday.
It remains to be seen whether FTX will ultimately be able to reopen or what impact such a move might have on the value of the FTT token. However, the news appears to have sparked renewed interest in the project and its prospects for the future.
