- FTT raced to double-digits uptick after SBF endorsed trader’s recovery plan opinion
- On-chain profit and loss remained in the same region
FTX Token [FTT] recorded a 30.39% increase in less than 24 hours after embattled founder Sam Bankman-Fried (SBF) consented to a recovery plan. His agreement was in response to a proposal by CNBC’s crypto trader, Ran Neuner.
I continue to think that this would be a productive path for parties to explore! I *hope* that the teams in place will do so.
— SBF (@SBF_FTX) December 9, 2022
Read FTT’s Price Prediction 2023-2024
The trader opined that issuing a completely new FTT token and distributing it to creditors and depositors could help revive the token, which many had turned a blind eye to.
“I will bear witness”
FTT’s price was, however, not the only part of its ecosystem that responded. According to Santiment, the token’s volume increased by over 1300% in the last 24 hours. With an increase to $76.38 million, it meant that FTT gained market strength with an impressive number of transactions passing through its network.
Source: Santiment
Intense criticism followed Neuner’s opinion as many pointed out that FTT was now a “Ponzi” and there was no way for recovery. Others said that his proposal had glaring flaws. For one, author and crypto investor Mark Deeks sarcastically responded by saying,
“The best way to fix the damage caused by this Ponzi scheme is to bring in new investors to pay…
