• FTT, the native token of bankrupt FTX exchange, has surged by over 48% in the past 24 hours.
• Other tokens of bankrupt crypto lenders Voyager and Celsius have also posted gains in the past 24 hours.
• Analysts within the crypto community are perplexed by FTT’s green run, with many wondering why top exchanges have not delisted the token.
FTX’s native token FTT has seen a remarkable surge in the past 24 hours, rising by over 48% to $2.58 according to CryptoSlate’s data. This impressive gain has pushed it to its highest level since FTX filed for bankruptcy in November 2022, when the token was trading at less than $1. The token is still 97% down from its all-time high of $84.
The rapid surge has left many analysts in the crypto community perplexed, with many questioning why top exchanges have not delisted the token. Crypto investor Mac tweeted: „[There is] not a single other place in the world you will find stocks of businesses that committed fraud and went bankrupt pump several hundred %. Meanwhile $FTT still not delisted from Binance and x3 from the lows. and you wonder why regulators hate us?“
Other embattled tokens have also seen gains in the past 24 hours. Voyager’s VGX and Celsius‘ CEL have both seen increases, with Ran Neuner asking if there was any reason to short FTT now. Neuner said that the token „surely has to go to zero.“
The surge in FTT and other bankrupt tokens has raised questions as to whether these tokens should remain on top exchanges, or if they should be delisted. Many analysts are concerned that allowing these tokens to remain on exchanges is inviting regulatory scrutiny to the crypto industry, and could have long-term negative effects.
For now, it appears that FTT and other bankrupt tokens will remain on exchanges for the foreseeable future. However, it remains to be seen how the market will react if these tokens continue to surge in the coming days and weeks.