The FTX Token, FTT, the native crypto token of the defunct crypto exchange platform FTX, became the top altcoin with the highest gain early Thursday.
The price of FTT has soared over 17% in the last 24 hours as the legal proceedings surrounding the company’s collapse and its former employees intensified.
Recall that Caroline Ellison, the former CEO of FTX’s sister company, Alameda Research, was sentenced to two years after acting as a star witness against Sam Bankman-Fried (SBF).
Subsequently, she also agreed to a settlement that involved her transferring nearly all of her remaining assets to FTX, as requested by the FTX estate.
However, attention has now shifted to the remaining employees who allegedly contributed to the November 2022 historic FTX collapse.
Read More: SBF Takes the Stand, Throws Ex-Employees Under the Bus
Ex-FTX CTO Nishad Singh Seeks Mercy from the Judge
Recent court documents reveal that Nishad Singh, FTX’s former engineering chief, asked a Manhattan federal judge not to imprison him for the exchange giant’s fall.
In a memo submitted late Wednesday, Nishad Singh’s attorneys told the court that he merits clemency due to his minor involvement in the collapse, prompt assistance to investigators, and “the exemplary life he is committed to leading.”
The filing was supported by over 100 letters from former colleagues, family, and friends, who referred to Singh as an “uncommonly” selfless individual whose role was far more limited than any other defendant in the multibillion-dollar case.
Additionally, the attorneys stated that Nishad Singh would feel remorse for his actions throughout his life, having admitted guilt to severe offenses at the beginning of this case.
“But his sentence should recognize that Nishad did not join the conspiracy at the heart of this case – the theft of FTX customer funds – until September 2022, just two months before the collapse of FTX,” his lawyers told the judge.
Currently, two FTX and Alameda Research executives, Sam Bankman-Fried and Caroline Ellison, have been sentenced to prison, with additional sentencing scheduled for two others, Nishad Signh and Gary Wang.
Singh is scheduled to be sentenced on October 30, whereas the former chief technology officer, Gary Wang, will receive his sentence on November 20.
FTX Token (FTT) Price Analyses
In the past few weeks, crypto traders have rekindled their interest in the FTX Token (FTT). While the token no longer serves any practical purposes, its value has surged by 64.39% in the last month and by 101.73% in 2024 alone. The market cap stands at $690.45 million, making it the 98th largest cryptocurrency by market cap.
FTX Token (FTT) Daily Price Chart | CoinMarketCap
The renewed investor interest in FTT is evident in the impressive 216.17% spike in its 24-hour trading volume, currently at $87.16 million at press time.
Meanwhile, all eyes are on the implementation of the exchange’s recently approved liquidation plan. On October 7, a US bankruptcy court officially approved the plan, enabling the company to reimburse its customers with around $16 billion in recovered assets.
Fortunately, it appears that FTX and Alameda Research are preparing to go through the repayment process. On Tuesday, October 15, the firms unstaked 178,631 Solana (SOL) worth around $28 million from a wallet associated with the failed crypto exchange.
FTX/Alameda 的 SOL 质押地址 H4y…gFZ 在 4 小时前赎回了 178,631 枚 SOL ($28M)。
根据此前的转移记录，这些 SOL 随后会分发至多个地址，其中大部分会在后续流入 Coinbase 或 Binance。他们的 SOL 转移目前比较规律：会在每个月 12-15 号时赎回并转出 17 万枚左右的 SOL。
而目前 H4y…gFZ… https://t.co/lofeYFnFwx pic.twitter.com/4eF00PrFn4— 余烬 (@EmberCN) October 15, 2024
