{"id":545300,"date":"2023-08-02T03:30:56","date_gmt":"2023-08-02T03:30:56","guid":{"rendered":"https:\/\/wncen.com\/?p=545300"},"modified":"2023-08-01T19:57:20","modified_gmt":"2023-08-01T19:57:20","slug":"ftt-token-surges-17-after-ftx-confirms-rumors-of-relaunch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-ftt-bankman\/ftt-token-surges-17-after-ftx-confirms-rumors-of-relaunch\/","title":{"rendered":"FTT Token Surges 17% After FTX Confirms Rumors Of Relaunch"},"content":{"rendered":"

Bankrupt crypto exchange FTX has submitted a proposal that may result in the relaunch of its international arm FTX.com. On August 1, the company\u2019s bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization<\/a> in which it proposes the kick-off of a \u201crebooted\u201d offshore exchange exclusive to non-U.S. users only.
\n<\/span><\/p>\n

Related Reading: FTT Flies 45% On Rumors Of FTX Planned Relaunch<\/a><\/div>\n

FTT Gains By 17% Amidst Plans To Terminate Claims<\/span><\/h2>\n

FTT, native token of the FTX exchange, recorded a significant boost in its price on the emergence of the exchange\u2019s proposal to relaunch in the international market.\u00a0<\/span><\/p>\n

According to data by CoinMarketCap,<\/a> FTT rose by 17% on Tuesday, moving from $1.34 to $1.59. Thereafter, the token experienced a decline, falling as low as $1.42, but has been climbing back up since then.<\/span><\/p>\n

Interestingly, FTT\u2019s gain today has occurred amidst the exchange\u2019s plans in relation to its native token. According to the draft plan of reorganization, FTX stated intentions to cancel all FTT claims as a result of their \u201cequity-like characteristics.”\u00a0<\/span><\/p>\n

The statement read:\u00a0<\/span>\u00a0<\/span><\/p>\n

\u2026.claims by holders of FTT (whether or not held on any FTX exchange), preferred stock, and equity investors in the Debtors and related claims. All these claims and interests will be canceled and extinguished as of the Effective Date, and holders will not receive any distribution.<\/span><\/p><\/blockquote>\n

At the time of writing, FTT is trading at $1.45, having gone up by 7.39% in the last day. Meanwhile, the token\u2019s daily trading volume is up by 378.65% and is now valued at $43.8 million.
\n<\/span><\/p>\n

\"FTX\"<\/p>\n

FTT trading at $1.43 on the daily chart | Source: FTTUSDT chart on Tradingview.com<\/a><\/pre>\n
Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash<\/a><\/div>\n
FTX.com To Relaunch As Exchange Plans Settlement For Foreign Customers<\/span><\/h2>\n
As part of its reorganization plan, FTX is implementing a categorization system for claimants. Those who use FTX.com exchange will be referred to as Dotcom customers, while FTX U.S. customers will be placed in the U.S. Customer Pool. This approach is aim at helping FTX better organize its customer data and provide more efficient service to its valued clients.<\/p>\n
In regards to the settlement of Dotcom creditors, FTX proposes that debtors may partner with third-party investors to set up a new exchange that will operate as an offshore platform. Alternatively, this exchange can also be formed as a merger or \u201csimilar transaction.\u201d\u00a0<\/span><\/p>\n
Thereafter, the debtors may then choose to grant the Dotcom customer pool some share of the company instead of conducting a full cash settlement. A statement from the draft read:<\/span>
\n<\/span><\/p>\n
Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens, or other interests in the Offshore Exchange Company or rights to invest in such equity securities tokens or other interests (\u201cTake-Back Interests\u201d).\u00a0<\/span><\/p><\/blockquote>\n
Talks concerning an FTX.com relaunch began as early as January, with the company CEO, John J. Ray III, stating<\/a> he had authorized a team to explore that possibility. In June, WSJ reported<\/a> that the company had begun discussions with potential investors in a bid to meet the goal.
\n<\/span><\/p>\n
Featured image from PRNewswire, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bankrupt crypto exchange FTX has submitted a proposal that may result in the relaunch of its international arm FTX.com. On August 1, the company\u2019s bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization in which it proposes the kick-off of a \u201crebooted\u201d offshore exchange exclusive to non-U.S. users only. Related Reading: FTT Flies 45% On Rumors Of FTX Planned Relaunch FTT Gains By 17% Amidst Plans To Terminate Claims FTT, native token of the FTX exchange, recorded a significant boost in its price on the emergence of the exchange\u2019s proposal to relaunch in the international market.\u00a0 According to data by CoinMarketCap, FTT rose by 17% on Tuesday, moving from $1.34 to $1.59. Thereafter, the token experienced a decline, falling as low as $1.42, but has been climbing back up since then. Interestingly, FTT\u2019s gain today has occurred amidst the exchange\u2019s plans in relation to its native token. According to the draft plan of reorganization, FTX stated intentions to cancel all FTT claims as a result of their \u201cequity-like characteristics.”\u00a0 The statement read:\u00a0\u00a0 \u2026.claims by holders of FTT (whether or not held on any FTX exchange), preferred stock, and equity investors in the Debtors and related claims. All these claims and interests will be canceled and extinguished as of the Effective Date, and holders will not receive any distribution. At the time of writing, FTT is trading at $1.45, having gone up by 7.39% in the last day. Meanwhile, the token\u2019s daily trading volume is up by 378.65% and is now valued at $43.8 million. FTT trading at $1.43 on the daily chart | Source: FTTUSDT chart on Tradingview.com Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash FTX.com To Relaunch As Exchange Plans Settlement For Foreign Customers As part of its reorganization plan, FTX is implementing a categorization system for claimants. Those who use FTX.com exchange will be referred to as Dotcom customers, while FTX U.S. customers will be placed in the U.S. Customer Pool. This approach is aim at helping FTX better organize its customer data and provide more efficient service to its valued clients. In regards to the settlement of Dotcom creditors, FTX proposes that debtors may partner with third-party investors to set up a new exchange that will operate as an offshore platform. Alternatively, this exchange can also be formed as a merger or \u201csimilar transaction.\u201d\u00a0 Thereafter, the debtors may then choose to grant the Dotcom customer pool some share of the company instead of conducting a full cash settlement. A statement from the draft read: Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens, or other interests in the Offshore Exchange Company or rights to invest in such equity securities tokens or other interests (\u201cTake-Back Interests\u201d).\u00a0 Talks concerning an FTX.com relaunch began as early as January, with the company CEO, John J. Ray III, stating he had authorized a team to explore that possibility. In June, WSJ reported that the company had begun discussions with potential investors in a bid to meet the goal. Featured image from PRNewswire, chart from Tradingview.com<\/p>\n","protected":false},"author":581,"featured_media":545307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[87394,71704,88997,88996],"class_list":["post-545300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-ftt","tag-ftx","tag-ftx-com","tag-relaunch"],"acf":[],"yoast_head":"\nFTT Token Surges 17% After FTX Confirms Rumors Of Relaunch<\/title>\n<meta name=\"description\" content=\"The FTT token recorded a 17% gain today after FTX proposed a plan to relaunch the international wing of its exchange.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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