The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to Kaiko, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback. FTX Won’t Resume Operations The worrying drop follows reports that the bankrupt exchange, once led by Sam Bankman-Fried, is unlikely to resume operations. Notably, the news comes despite a glimmer of hope for FTX customers. At a recent court hearing, the exchange’s representatives claimed it expects to repay its users fully. However, repayments would be based on the worth of their assets during FTX’s bankruptcy. Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target It should be noted that by the time FTX went bankrupt in late 2022, crypto assets were at the last phase of a bear market, with prices plunging to multi-month lows. Bitcoin, the world’s largest crypto asset, was trading below $20,000. After FTX collapsed, prices crashe ..
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