The collapse of FTX has caused turmoil in the market, with losses estimated at about $100 billion following a sudden outflow of over a billion dollars. The exchange was founded by Sam Bankman and Gary Wang, who had prior experience with well-known financial institutions before launching FTX in 2019.

FTX's bankruptcy proceedings are taking place in various courts, with a Chapter 11 filing in Delaware and liquidation in the Bahamas. Notable investors in FTX include Lightspeed Ventures, Sequoia Capital, and Coinbase Ventures, among others.

FTT Token Price in Review

FTT, the native token of FTX, reached an all-time high of $85.02 in September 2021 but has since experienced a significant decline. The token, once promoted by the founders at Verge, has fallen to $1.85 with an intraday decrease of 3.71% and a 19.01% drop in trading volume.

Data from CoinMarketCap shows that a majority of FTT holders have holdings ranging from $0 to $100k, with whales representing 91.18% of total holders. A warning on CoinMarketCap indicates that the FTT token may be liquidated to pay creditors due to the ongoing bankruptcy proceedings.

Cryptocurrency Market Update

The crypto market capitalization has seen significant growth recently, but in the past 24 hours, it faced a loss of $81.514 billion. The current market capitalization is $2.538 trillion, showing a 52.18% increase over the past 90 days.

Several cryptocurrencies, such as Conflux and Celestia, faced losses, while CORE emerged as the top gainer with a 62.97% increase in price. Bitcoin lost $1853.49 in the past 24 hours, trading at $69460.86, with the market showing signs of extreme greed according to CoinMarketCap's fear and greed index.

Disclaimer

The information provided in this article is solely for informational purposes and should not be considered financial or investment advice. The views expressed do not reflect any specific recommendations.