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FTT Pump on FTX News Cools Amid Suspicious Whale Activity

Published 04/13/2023, 01:00 PM
© Reuters FTT Pump on FTX News Cools Amid Suspicious Whale Activity
COIN
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  • FTT rose on the back of reports that restructuring officers could relaunch FTX.
  • The token has started shedding gains as whales sell.
  • FTT's whale trading activity has raised speculation about insider trading.
At its peak, FTX was the second-largest crypto exchange in the world by trading volume, ahead of Coinbase (NASDAQ:COIN) and only behind Binance. But the behemoth collapsed like a house of cards in November after it proved insolvent amid revelations of fraud and gross mismanagement.

The FTX saga may not end there however, as an update from an April 12 bankruptcy hearing revealed that the fallen giant may yet rise again as restructuring officers discuss plans to relaunch the crypto exchange in Q2 of 2023.

The value of FTX's token, FTT, jumped by over 100% from approximately $1.30...

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