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FTX Token

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<ul> 
 <li><strong>FTX.com, a previously defunct crypto exchange, has filed a Reorganization proposal with the U.S. Bankruptcy Court.</strong></li> 
 <li><strong>The FTX.com restart would only be available to offshore customers.</strong></li> 
 <li><strong>Following the announcement, FTT token price soared over 15% from $1.32 to $1.59.</strong></li> 
</ul> 
<p>Defunct crypto exchange FTX.com has filed an initial “Plan of Reorganization” with the U.S. Bankruptcy Court, offering a glimmer of hope for the exchange’s <a href="https://thenewscrypto.com/ftx-japan-launches-recruitment-drive-for-ftx-2-0-relaunch/" target="_blank" rel="noopener noreferrer nofollow">revival</a>. The proposed plan outlines a potential restart, but with a catch – it would only be available to <strong>“offshore customers.”</strong></p> 
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 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">The FTX Debtors filed their Initial Plan of Reorganization and a summary term sheet to facilitate creditor feedback on the plan with stakeholders. Read details here: <a href="https://t.co/bDy7QdQ5Tx" target="_blank" rel="noopener noreferrer nofollow">https://t.co/bDy7QdQ5Tx</a></p>— FTX (@FTX_Official) <a href="https://twitter.com/FTX_Official/status/1686206405588443136?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 1, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Following its collapse in November 2022, along with its 101 debtors, FTX.com faced an explosive period in the crypto market, marked by several scandals. The current application, on the other hand, intends to address its <a href="https://thenewscrypto.com/ftx-and-genesis-join-hands-to-resolve-bankruptcy-case/" target="_blank" rel="noopener noreferrer nofollow">financial concerns</a> by classifying creditors, with one class of claimants granted the opportunity to revive the exchange with the support of third-party investors if they agree to the terms.</p> 
<p>Notably, this proposed <a href="https://thenewscrypto.com/ftx-seeks-to-recover-71m-from-its-philanthropic-arm/" target="_blank" rel="noopener noreferrer nofollow">restructuring</a> has raised concerns among FTT token holders. Under the plan, they would receive no compensation, leaving them with no share in the potential reboot of FTX.com.&nbsp;</p> 
<p>However, After the announcement, FTX native cryptocurrency FTT price climbed by over 15%, from $1.32 to $1.59. At the time of writing, the FTX Token traded at $1.47, with a 24-hour trading volume of $34.3 million, representing a 303% surge.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" width="1024" height="521" src="https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token-1024x521.png" alt="" class="wp-image-79887" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token-1024x521.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token-768x390.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token-150x76.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/08/FTX-Token.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption"> <em>FTX Token (FTT) Price Chart (Source: </em><a href="https://in.tradingview.com/symbols/FTTBUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow"><em>Tradingview</em></a><em>)</em> 
  </figcaption> 
 </figure> 
</div> 
<p>On a more positive note, the daily price chart for FTT indicates a short-term bullish movement, as the current price is slightly above the 50-day exponential moving average (EMA). Additionally, the daily Relative Strength Index (RSI) shows the crypto in the neutral zone (53.57).</p>

FTT Pumps 15% Amidst FTX Revival Plan

TheNewsCrypto

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