Mar 29, 2024 12:05

BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing. Related Reading: The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records FTX Founder Sam Bankman-Fried Sentenced Judge Kaplan sternly criticized the defense’s argument, labeling it as misleading, logically flawed, and speculative. As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision. Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily. Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn. Life Plans Shattered Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family.  They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains Heres Why During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives. Featured image from Shutterstock, chart from TradingView.com

Dec 01, 2022 01:20

Former FTX Boss Speaks at Dealbook Event, Says He ‘Didn’t Knowingly Co-Mingle Funds’

On Nov. 30, 2022, the former FTX CEO Sam Bankman-Fried (SBF) discussed FTX’s collapse at the New York Times’ Dealbook Summit with Andrew Ross Sorkin in his first live-appearance interview since the crypto exchange’s downfall. SBF told the Dealbook Summit host that he was “deeply sorry about what happened” and further stressed that he “didn’t

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Nov 21, 2022 08:55

UPDATES As We Begin Week 3 of the FTX / Sam Bankman Fried Saga - HACKED or NOT + More Collateral Damage + Bankrupcy Docs Give FTX's TOTAL Debt...

Official bankruptcy court filings state that FTX owes more than $3 billion to its top 50 creditors. The largest single loan listed in the document is over $226 million, with the rest of the total debt owed falling somewhere between $21 million and $203 million.

The "hack"...

As things unfolded last week a significant number of tokens were moved from the official storage wallets of FTX. It's not surprising that some would suspect a "inside job," but former FTX employees are spreading rumors that the same authorities from the Bahamas government who are investigating the company for possible legal violations are also the thieves.

Analytics firm Chainalysis is tracking the funds that originated from the FTX exchange and say the funds are now being traded from Ethereum to Bitcoin. The FTX hacker once held 228,523 ETH, making them one of the top Ether wallets globally.

...but was there actually no hacker at all?!

To be fair, the rumors started because no one was coming forward to say otherwise.  Millions in crypto gets moved, with no legitimate entity claiming responsibility, the logical conclusion is a hack. 

After coming forward, the Bahamas government confirmed they were indeed behind it - but it wasn't corrupt officials stealing funds. Regulators in the Bahamas officially state they are in possession of the funds which were taken as part of a seizure of assets - to prevent anyone at FTX from doing anything with them.

But then we learned - that isn't what happened either.
The actual story with the FTX "hack"...Basically "all of the above".

Some funds were sized by regulators in the Bahamas.  Some funds were stolen.  Chainalysis tweeted:

"Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators."This was confirmed again as FTX tweeted to alert other exchanges to keep an eye out for the funds hitting their platforms, and hopefully freeze the account before the hackers can make any trades.  

Collateral Damage...In related news, Solana is "facing difficulties, "following the collapse of FTX, due to their strong ties with FTX and its sister company, the hedge fund Alameda Research, which invested in nine Solana projects since December 2020.

So far, Solana has lost over 60% of its value since the FTX saga began, and users have removed about an equal amount from the total staked supply. In response, Tether announced they will be taking $1 billion USDT it had on the Solana blockchain and moving it to the Ethereum blockchain, as they don't foresee the supply being needed on the Solana blockchain in the near future.

While there's no shortage of die-hard Solana supporters posting that they're taking this opportunity to load up on SOL tokens at a discount, others are saying there's still a big hit to come, with FTX rumored to hold 50 million tokens - which they will probably be forced to put on the market. 

Sam Bankman-Fried...Last week he was direct messaging journalists, claiming he has plans to raise billions to make FTX customers 'whole' again - the newly appointed FTX CEO (installed to oversee the bankruptcy) had to come out clarifying Sam has no role with the company, and isn't authorized to raise funds or speak on FTX's behalf, even calling Sam 'delusional'. 

It seems he caught on that he was doing himself more bad than good, today is day 5 of silence. 

-----------------------
Author: Mark Pippen
London News Desk 
Breaking Crypto News 

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Nov 18, 2022 08:55

"Sam Who?" | Non-Profits he Funded, Politicians he Donated to, and Investors who Traded with Sam Bankman-Fried are All DISAVOWING and CUTTING TIES....

One of the most interesting things to watch in the Sam Bankman-Fried (aka SBF) fallout are those who previously praised him, now trying to figure out why they ever said things that sound completely insane today.

In all fairness, while Sam's wrongdoings were deliberate and dishonest - blaming everyone who once worked with, or once simply liked the guy is going a step too far, in my opinion. If the accusations we've heard are true, you can be sure very few people knew the truth

Sam had accumulated a sizeable list of endorsements, and it wasn't made up of a bunch of easily scammed or gullible people...

Even the person who begun FTX's downfall first believed they were legit.  Binance CEO 'CZ' started the avalanche that would burry Sam and FTX by sending out of tweet when he lost confidence in the company - but before that, he trusted Sam and FTX enough to have $2 billion of his assets tied up in their FTX's official token, FTT.

Earning trust within an industry can be a chain reaction, where getting 'in' with one person who is more established than yourself can lead to a dozen more if you play your cards right.  So who was the first 'big name' in crypto to publicly link themselves with Sam? I have no idea, and they aren't to blame for this anyway.

While researching another story I came across this, the only organization that I've seen address the situation by adding disclaimers to their old write-ups about Sam.

The organization is called 80,000 Hours, and they say their goal is to 'provide research and support to help students and graduates switch into careers that effectively tackle the world’s most pressing problems' 80,000 hours refers to the average time someone will spend working in their chosen career in their entire lifetime. 

What was a page on their site containing 10 paragraphs of pure praise for SBF, now begins with a statement:

 Our statement regarding the collapse of FTX

The collapse of FTX is likely to cause a tremendous amount of harm – to customers, employees, and many others who have relied on FTX. We are deeply concerned about those affected and, along with our community, are grappling with how to respond.

Though we do not know for sure whether anything illegal happened, we unequivocally condemn any immoral or illegal actions that may have taken place.

Prior to this, we had celebrated Sam Bankman-Fried’s apparent success, had held him up as a positive example of someone pursuing a high-impact career, and had written about how we encouraged him to use a strategy of earning to give (for example, on this page). We feel shaken by recent events, and are not sure exactly what to say or think.

In the meantime, we will start by removing instances on our site where Sam was highlighted as a positive example of someone pursuing a high-impact career, since, to say the least, we no longer endorse that. We are leaving up discussions of Sam in places that seem important for transparency, for example this blog post on the growth of effective altruism in 2021, and this user story.

In the coming weeks and months we will be thinking hard about what we should do going forward and ways in which we should have acted differently.

If you are out there trying the best you can to use your career to help solve the world’s most pressing problems with honesty and integrity, we also want to say we support and value you.

We are following the situation closely and hope to write more soon.

Many associated with Sam almost instantly came out to say they "had no way of knowing" - and while they are probably telling the truth, there's still something refreshing about someone taking a bit of time to reflect and review.
The non-profit organizations SBF worked with will easily be able to distance themselves - no one expects them to turn down donations from a company that (at the time) had a clean reputation. 
Those with a potential nightmare ahead of them are the politicians who took campaign donations, and the already-wealthy athletes and actors who used their influence to encourage their fans and the general public to invest via FTX...
Celebs who publicly endorsed FTX include NFL star quarterback Tom Brady, NBA MVPs Shaq and Stephen Curry, 'Shark Tank' star Kevin O' Leary, and actor and Seinfeld' producer Larry David - all of whom have a net worth of over $100 million (Larry David tops the list with an estimated $500 million).Now they're all sharing the blame with SBF in a just-filed lawsuit that argues Sam, and the celebs who promoted him, are responsible for paying back the billions in lost FTX user funds...The athletes and actors will predictably claim ignorance, but will then have to explain why they would endorse something they didn't understand - it's not like they needed the money. .
Kevin O' Leary, and a few crypto 'influencers' will have an even larger challenge of explaining how they are self-proclaimed 'expert investors, but were unable to spot any red flags

The lawsuit includes every celeb who endorsed FTX along with Sam himself as former users seek to recoup lost funds.  The case if filed in the Florida court system with no date yet for initial hearings.
No one is miscalculating the situation worse than Sam himself...Sam chimed in briefly a couple times over the past week, with statements like "I didn't want to do sketchy stuff, there are huge negative effects from it, and I didn't mean to".

Then, while he no longer holds any position at FTX, and is under investigation for multiple serious criminal offenses, he shared his goal of raising another $8 billion to "make customers whole" - apparently forgetting this ended with him unable to raise anything, and that's when he had an exchange to sell.

The new FTX CEO, appointed to oversee the company bankruptcy, and previously known for cleaning up the massive Enron bankruptcy, John Ray, was forced to counter Sam's actions with an announcement reminding people Sam is "not employed" with FTX any longer, and therefore, "does not speak for" the company in any capacity.

With the 'clean up' team in place, and authorized to access everything FTX controls - the deep dive that will expose anything still unknown is now underway.

[ WHAT DO YOU THINK? ] Have we heard the worst of it? Or will more be uncovered? Share your thoughts by Tweeting us at @TheCryptoPress
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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News



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Nov 09, 2022 08:40

Coin Metrics Analyst: “FTX Might Have Provided Massive Bailout For Alameda In Q2”

Did this Coin Metrics analyst uncover the key to the whole Alameda/ FTX story? Because let’s face it, it doesn’t make sense. Both of Sam Bankman-Fried’s businesses were extremely profitable. FTX was the world’s third-biggest exchange and growing, why would anyone risk killing that golden goose? There must have been an underlying cause. Did this Coin Metrics analyst uncover it in the on-chain data? He might have. Related Reading: Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT? The Head of R&D at Coin Metrics, Lucas Nuzzi, ends his thread with a warning: “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” The case the Coin Metrics analyst is making rests on solid on-chain data, but the interpretation of what said data means is “highly-speculative.” So, take it with a grain of salt and don’t go around saying this is exactly what happened, because it might not be.  That being said, yikes!  The Coin Metrics Analyst Makes The Case Lucas Nuzzi starts with a statement of fact, “I found evidence that FTX might have provided a massive bailout for Alameda in Q2 which now came back to haunt them.” And then, he poses a mystery. “40 days ago, 173 million FTT tokens worth over 4B USD became active on-chain.” Where did those tokens go? You guessed it, Alameda Research. The day was September 28th. A record-breaking $8.6B in FTT moved that day. 2/ That day, September 28, over 8.6 Billion USD worth of FTT was moved on-chain. That was by far the largest daily move of FTT in the token's existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics. pic.twitter.com/GnUO1ZcCB7 — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 “That was by far the largest daily move of FTT in the token’s existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics,” Nuzzi tweeted. What was happening around Alameda and FTX near that time? Nothing special, really. On August 24th, Sam Trabucco stepped down from the Co-CEO position at Alameda Research. “I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company,” Trabucco tweeted. On September 27th, Brett Harrison stepped down from the CEO position at FTX. “Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company,” Harrison tweeted. This one is the kicker. On September 28th, Sam Bankman-Fried tweeted, “Heads up: rotating a few FTX wallets today (mostly non-circulating); we do this periodically.  Might be a few more coming, won’t have any effect.” If all of this is true, that last SBF tweet will probably make an appearance in court. FTT price chart for 11/09/2022 on FTX | Source: FTT/USD on TradingView.com So, What Did Alameda Do With The Money? Believe it or not, the FTT tokens came directly from the original ICO smart contract. The Coin Metrics analyst “found a peculiar transaction that interacted with a contract from the FTT ICO. This 2019 contract *automatically* released 173 Million FTT from the token’s ICO.” Strange, but both organizations are joined at the hip. Then, things took a bizarre turn. “Alameda then sent that *entire* balance to the address of the deployer (creator) of the FTT ERC20, which is controlled by someone at FTX.” 4/ The recipient of the $4.19 B USD worth of FTT tokens was no one but Alameda Research! So what? Alameda and FTX were intrinsically connected from day 1 and Alameda obviously participated in the FTX ICO. But what happened next was interesting… — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 WHAT? The Coin Metrics Analyst’s Theory According to Lucas Nuzzi, Alameda Research wasn’t immune to the crypto contagion that plagued the space in Q2. In fact, the company might’ve blown up with 3AC, Voyager, and Celsius. “It ONLY survived because it was able to secure funding from FTX using as “collateral” the 172M FTT that was guaranteed to vest 4 months later.” That’s an extremely risky move. It almost seems like FTX didn’t have a choice. 8/ The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn't collapse and a bank run ensued This is why Alameda tried their best to protect FTT's price.https://t.co/nX1tphjLNR — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 They didn’t, because “the FTT ICO contract vests automatically. Had FTX let Alameda implode in May, their collapse would have ensured the subsequent liquidation of all FTT tokens vested in September.” If the scenario the Coin Metrics analyst poses is real, SBF and company had to do it. And they paid a heavy price for it. “The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn’t collapse and a bank run ensued.” Related Reading: The Binance Vs. FTX War: Here Are The Most Recent Stats & On-Chain Data This Is Where CZ And Binance Come In In this scenario, CZ And Binance somehow found out about the deal. And the biggest cryptocurrency exchange by trading volume had a heavy FTT bag. “As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT),” CZ tweeted when he announced they were liquidating. What does this heavy FTT bag mean? The Coin Metrics analyst explains, “As large holders of FTT, they could start deliberately tanking that market to force FTX to face a liquidity crunch.” And they did. And then they offered to buy FTX and relieve them of their problems. Presumably for pennies on the dollar. A master stroke, if true. But remember the Coin Metrics’ analyst warning, “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” Featured Image by Gerd Altmann from Pixabay | Charts by TradingView

Nov 09, 2022 02:25

Binance acquires FTX: is Binance manipulating FTT 70% crash?

Is Binance manipulating FTT? What happened with FTX and why did it crash? In this article, we go over the entire Binance FTX story.

Nov 08, 2022 04:15

Binance CEO ANGRY at Rival Exchange FTX, Announces Sell-Off Of OVER $2 BILLION USD Worth of Holdings of FTX's Native Token FTT...

"Regarding any speculation as to whether this is a move against a competitor, it is not" said Binance CEO 'CZ' on Twitter, while confirming "recent revelations that have come to light" are behind a decision to sell-off $2.1 billion USD worth of FTT, the native token of rival exchange FTX.

Binance first obtained the tokens last year, as part of their payment from a pre-planned exit from investment in FTX equity.

Can't Have it Both Ways...

CZ first attempts to include the FTT sell-off as part of everyday 'business-as-usual' saying:

"Liquidating our FTT is just post-exit risk management, learning from LUNA."

That sounds like he's saying it's a purely strategic move, like the reasoning behind it could be something as simple as not believing the bear market has hit bottom - until in his next sentence where he immediately makes it clear - there's more to this story.

"We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards."

FTX is accused as a company, or perhaps CEO Sam Bankman-Fried himself of doing something behind the scenes, with at least the goal of hurting a competing crypto company...

At least that seems to be the accusation CZ, the Binance CEO, is making, although vaguely, and because of their mention of LUNA (which famously crashed, then crashed the market, and never recovered) and FTT together - the FTX CEO has been trying to assure customers that their token has none of the same risk factors (and from what we can see, that's true).

Any comparison of FTT with LUNA is a bit unfair...

There's no reason for CZ to bring back memories of the LUNA disaster when mentioning FTT - none of LUNA's risk factors can be applied to FTT.

"A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine" said CEO Sam Bankman-Fried his first public response.

However - Binance CEO CZ has proven to be a level-headed voice of reason in the industry, and seems to have a reasonable outlook on the 'big picture' of cryptos future - so if he's accusing FTX or their CEO of crossing a line, it's probably true. 

---------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

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Feb 14, 2022 07:10

FTX Crypto WOWS Super Bowl Viewers with Funny Crypto Ads, Buy $FTT?

Tokens are one of the essential features of the digital asset space. You need to own specific tokens for many networks to execute transactions or even get discounts when you hold them. This makes it necessary to understand the FTX exchange and token. When you understand these fundamentals, you can make a better purchase decision.

The FTX token is also called FTT. The latter is the native token of the exchange. So, if you want to support the exchange or benefit from lower gas fees, you should get the token. One of the most fundamental reasons for holding this coin is the benefit attached, especially when using the trading platform.

What is FTT Token?

FTT is essentially the token used on FTX. You can either call it the FTX token or simply FTT. Additionally, there has been a lot of buzz regarding FTT. Despite being an exchange token, it has soared in value over the past few years. While the token was lesser than $4 in 2020, it has skyrocketed, helping holders assure greater profits.

The cryptocurrency space has a lot of projects, making it difficult to know the valuable ones. However, tokens with utilities have a longer lifespan, particularly when exchanging tokens. This is because the platform would need users to purchase the token for efficient use of the blockchain. While FTT's growth came as a surprise to many, experts believe that many great decisions by the exchange helped the token grow.

Is FTT Price up?

First, experts explained that the token had public exposure. Public exposure is crucial for new coins. Without sufficient exposure, people will not buy the coin. This is another avenue that leads to price stagnation for unknown tokens, even with solid use cases. Because FTX prioritized publicity and exposure, it contributed to the asset's price jump.

Fig.1 FTT/USD 1-week chart showing the uptrend of FTT - TradingView

Another reason for this token's growth is because the exchange partnered with strong industry players. Collaborations and partnerships are some of the best ways to grow as a firm and a brand. Working with other stakeholders in the industry would help you leverage their exposure and fan base to grow your business. These essential steps FTX took for more exposure may help the token skyrocket even more in the next few years.

FTT Token Background

FTT or FTX token is an ERC-20 token that has lots of utilities. While most utilities are connected to the exchange, you can still benefit from it long-term. Whether you plan to use FTX or need it as an investment option, you can easily purchase the token on the exchange or other well-known trading platforms.

The asset has a market cap of around $6 billion, and it currently trades at $45 apiece. So, like Bitcoin, Ethereum, and other digital assets, it can hold value and be traded. It is safe to mention that it runs on the Ethereum networks. Similarly, it would help if you got a suitable wallet for your coin, or you may lose it forever. Fortunately, ERC-20 tokens are very popular, making it easier to access wallets that can hold them.

Use Cases

This token has several uses. Understanding the uses may help you make a better purchase decision. Below are some of FTX use cases:

• Trading fees: Owning or trading with FTT on FTX helps you reduce the amount you spend on the exchange. This is a great opportunity to reduce money spent on transactions while supporting a relatively new project.
• Utility token: Another reason for holding FTT is because it’s the utility token of the FTX platform. Utility tokens are essential because they help the project run efficiently. Without it, it may not be easy to access funds for growing projects.
• Collateral: If you are interested in trading futures on FTX, you need to own the utility token. This token serves as collateral for future trading. This helps it to become more valuable and in-demand within the platform.

What Is FTX Crypto?

While talking about the FTX token is great, you also need to know FTX to understand the platform better. FTX is a cryptocurrency derivatives exchange that has its headquarter in the Bahamas. This centralized trading platform focuses on leveraged products and derivatives. In 2018, Sam Bankman-Fried created the platform, enabling users to access various services, such as volatility products and options.

It is safe to say that derivatives are for professional traders from the outlook. These are people trained to trade risky assets and understand how professional tools can be leveraged for their benefit. While it has a special focus on derivatives, spot traders can still trade their favorite assets thanks to the wide range of options available on the exchange.

Basic Information About FTX

FTX is available for both desktops and mobile devices. You can also access an impressive range of popular digital assets, either as a professional or a beginner. This means that it caters to the needs of both newbies and experienced traders. However, beginners should understand the market before trading to prevent substantial losses.

• Spot: FTX supports over 100 cryptocurrencies and tokens from which traders can choose to buy or sell. Unlike derivatives, spot trading is fairly stable and is suitable for even newbies. Also, professionals can trade spot with advanced tools for greater profit margins.
• Options: Options are also available on FTX if that’s your preferred option. However, due to the risky nature of digital assets, you need to understand the fundamentals. You can speculate on possible price movement and profit from the right speculations.
• Leverage tokens: Leveraged tokens are also available on the platform. In fact, traders can access up to 3X leveraged exposure to their favorite assets. However, leveraging can also worsen your losses when you are at a loss.

Review On FTX

FTX is one of the largest crypto exchanges in the world. This is because it offers competitive trading fees and lots of other benefits. Besides the low gas fees, it also supports a lot of digital assets. Today, FTX has over 100 digital assets, helping users access an impressive range of options. Additionally, there is a separate platform for United States users called FTX.US. While it doesn't have a wide range of cryptocurrencies, you can enjoy advanced tools.

The interface is clean and user-friendly. Graphics is essential when using an application, and FTX delivers in that regard. This can improve user experience and help beginners navigate through the platform. Overall, FTX offers decent features, especially since it has low gas fees, fundamental in asset trading.

FTX token price analysis

The FTX token currently trades around $45 despite the bearish market outlook. Still, it has the potential to grow in years to come. Because of the exchange's influence and a large number of users, it may reach $100 by the end of 2022. However, it's important to consider market conditions, especially since the king coin has not hit new highs in months. Because of Bitcoin’s influence in the digital asset space, many coins follow bearish trends, causing continuous price falls. Still, with the right market conditions, it should reach a new high before the end of 2022.

Fig.2 FTT/USD 1-day chart showing the current price of FTT - TradingView

How to open an FTX account

Before opening an FTX account, you need to know that the platform has a separate option for US users. So, if you are in the US, you need to open your account by clicking on the right option. Below are the steps you need to follow to create your account.

Step One

The first step you need to click on “start investing.” After this, it brings the option for “US” or “International” users. Here is where you choose the appropriate location.

Step Two

You create an account. This is where you add your email address and a strong password. After adding this, you click on “I agree to the FTX terms of service and privacy policy.”

Step Three

You add your “legal first name," "legal last name," and "date of birth.” The next step is filling in your address options and adding your "phone number." You will get an SMS from FTX to verify the number.

Step Four

This is the final step. You get an SMS from FTX to verify your number. After your verification, you can now trade cryptocurrencies. You can decide to add your card to trade assets or opt for other options, such as transferring USDC or wire transfer.

Should You Buy FTX token (FTT)?

Buying an asset is a personal choice. So, if you believe FTX has potential and could be worth much more in the future, you should buy it. This helps you benefit from price growth. Still, it’s essential to understand the asset before buying it.

On the other hand, based on the current technicals of the FTT token, it looks like it might be a good strategy to buy FTT at the current price, as the token reached an important area of $40. Previously, this price represented strong support. However, placing adequate stop-loss levels is crucial when it comes to long-term investing or even day trading. The cryptocurrency market is known to be very volatile, and severe crashes can occur overnight. So invest responsibly and always do your own research.

Conclusion

FTT token is the utility token for FTX, a derivatives exchange. It helps users benefit from lower gas feeds, assures the smooth running of the trading platform, and serves as collateral for futures trading. The coin has a lot of potentials and has skyrocketed over the past few years. It's safe to mention that the FTX token is an essential part of FTX.

FTX FTT© Cryptoticker

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Apr 13, 2023 02:11

FTX Token (FTT) Price Doubles In 24 Hours, Here’s Why

FTX Token (FTT) is currently one of the top gainers in the crypto market in the last day as the coin rose over 100%. This sudden growth was triggered by an announcement that said the bankrupt FTX exchange could possibly reopen for business soon. FTX Exchange Could See A Comeback In a court hearing for [...]

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