FTT Token Surges 17% After FTX Confirms Rumors Of Relaunch
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’s bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization in which it proposes the kick-off of a “rebooted” offshore exchange exclusive to non-US users only.
FTT Gains By 17% Amidst Plans To Terminate Claims FTT, the native token of the FTX exchange, recorded a significant boost in its price on the emergence of the exchange’s proposal to relaunch in the international market. Related Reading: FTT Flies 45% On Rumors Of FTX Planned Relaunch 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’s gain today has occurred despite the exchange’s 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 “equity-like characteristics.” The statement read:…