FTT explodes to a 4 -month high after a mysterious tweet from SBF

Tl; DR:

• The price of the actively divided by double digits after the former Chief Executive Officer of FTX supposedly tweeted a simple ‘good morning’.
• The exchange suffered a shocking collapse three years ago, but the compensation for affected customers remains in progress.

What fed the pump?

FTT-the native token of the now degraded crypto exchange FTX-Sprong with 25% on a scale of 24 hours, with its price briefly rising to a high point of four months of $ 1.20. In the following hours it withdrew to the current $ 1.02.

The massive green candle is most likely associated with Sam Bankman-Fried (the former CEO of FTX), who broke his silence at X after a long period of inactivity.

Earlier today (September 24), he posted The simple “GM”, which is short for “Good Morning” and is widely used in the cryptomemene. Many members often start their day with that abbreviation to indicate positivity, optimism and interaction with their followers.

Some remained stunned after the position of SBF, because he is in prison and is a prison sentence of 25 years to orchestrate one of the greatest financial fraud in history. A few hours after the “GM” interaction there was another announcement lecture:

“No, SBF does not place itself out of prison. I am a friend who posts on his behalf.”

Earlier this year, SBF (or another person who manages his X account) led another large price pump for FTT by sharing a ten-part thread about dismissals and employment problems. His opening post was:

“I have a lot of sympathy for government employees: I have also not checked my e -mail in the past (one hundred) days.”

He later said that firing people “is one of the most difficult things to do in the world”, adding that it is often the fault of the company to hire too many employees and then “have no idea what to do with it.”

It remained unclear whether that was an attempt by SBF to weigh the US government’s plans at that time to lose federal employees who are not productive at work.

Some also saw his interaction as an attempt to win a grace of President Donald Trump, who briefly granted an amnesty to Ross Ulbricht (as promised).

What’s going on with FTX?

The collapse of the exchange by the end of 2022 resulted in losing several billions of dollars for its creditors and sent shock waves throughout the crypto industry. After insolvency, the management of FTX was taken over by restructuring professionals in charge of repairing assets for affected users, among other things.

The FTX Recovery Trust has already distributed a considerable amount of funds and has recently announced the next phase of the process that will start on 30 September. Initially it will focus on smaller creditors and retail traders, so that approximately 120% of their claims are recovered. It is worth noting that larger institutional customers with larger claims receive less generous payouts.

American customers receive another 40%of their claims, so that their total recovery is brought to 95%, while those who used the FTX international arm are entitled to a total of 78%. General uncovered and digital claims for borrowing assets will be repaid with a rate of 24%, which yields up to 85% to 85%.