FTX token price skyrocketing after new court report

FTX Token (FTT), the parent coin of the failed FTX exchange, has shifted from trading at $1.06 to $1.39, recording a 15% increase. The rise came after a recent judicial report was submitted to the company by its current management.

the report details Mixing and misuse of customer deposits on FTX.com by the management team formerly of FTX Group, which was under the leadership of Sam Bankman-Fried.

This work has been done for FTX Debtors by a team of legal, restructuring, forensic accounting, asset tracking and recovery, blockchain analytics, and other experts.

“Publication of this report furthers our stated goal of transparency, both regarding the facts disclosed about the operation of FTX.com and about the important issues being dealt with as we strive to maximize recovery.”

John J. Ray, CEO and Director of Debt Restructuring at FTX.

Likewise, Ray announced that they would remain “committed to recovering to creditors the largest possible value”, which is US$8.7 billion.

in this situation, FTT price reached a six-week high It showed some resistance at $1.39 from where it fell slightly. As of this writing, it is trading at $1.32, according to the explorer CoinMarketCap.

In this way, this currency once again shows an upward reaction to the progress of the stock exchange, despite its bankruptcy. As reported by CriptoNoticias, FTT also posted a 15% increase on May 23, after Ray reported that he was working on a plan to revive the exchange.