FTX Token Surges 60% Then Drops After Sam Bankman-Fried Tweet
FTX Token Volatility After SBF Tweet
- FTX Token experienced a 60% surge to $1.2 following a tweet from Sam Bankman-Fried's account.
- The price quickly dropped below $1 due to selling pressure.
- The tweet sparked speculation as SBF is serving a 25-year jail term, though a friend confirmed they posted on his behalf.
- Daily trading volume for FTX Token increased by 660% to nearly $70 million.
- Market experts warn of the speculative nature of crypto investments.
FTX Bankruptcy Estate Distribution
- The FTX estate will release $1.6 billion to creditors starting September 30, part of Chapter 11 proceedings.
- This marks the third major distribution since FTX's collapse in November 2022.
- Distribution covers four creditor groups, with 78% to 120% of original balances funded by over $15 billion in recovered assets.
- Retail traders, comprising 99% of creditors, will receive around 120% of their original balances.
