- FTX token (FTT) plummets to $1.1579 after founder SBF’s fraud verdict.
- SBF was found guilty on all seven counts after a 15-day trial.
- Sam Bankman-Fried sentencing is scheduled for March 28, 2024.
The price of FXT Token (FTT) has taken a severe hit, plummeting to its lowest point of the year at $1.1579, a drop of 8%.
This significant decline comes in the wake of the guilty verdict for Sam Bankman-Fried (SBF), the founder of FTX, which once listed among the leading cryptocurrency exchanges.
Sam Bankman-Fried verdict
The primary catalyst for this latest drop is the outcome of SBF’s trial, where he was found guilty on seven counts related to fraud and conspiracy. These charges include conspiracy to commit wire fraud, political fraud, and more.
The trial against Sam Bankman-Fried lasted for 15 days, during which former associates testified against him, alleging his involvement in fraudulent activities that resulted in substantial financial losses for FTX customers. While SBF’s legal defence argued that he did not have any intent to defraud his customers or investors, the jury’s verdict spoke otherwise. Sam Bankman-Fried also gave his testimony starting on October 26.
FXT Token (FTT) price
FTT has witnessed a remarkable downfall, with its value sliding over 98% from its all-time high of $85.02.
In the past 24 hours, FTT’s price has seen fluctuations, ranging from a low of $1.16 to a high of $1.32. Its 52-week low was recorded at $0.77, and the highest point reached $25.86. However, the coin has struggled to recover since its all-time high.
The negative sentiment surrounding FTT began to emerge in November when the FTX filed for bankruptcy. This event significantly eroded market confidence in FTT, which was once trading at an all-time high of $85.02.
Despite these challenges, there is a glimmer of hope for FTT and FTX under new management. The exchange is striving to recover over $7 billion in lost funds and potentially rebrand itself. This effort could redefine the future of the exchange and FTT, offering a fresh start following a period of significant difficulties.