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FTX Token (FTT), the native cryptocurrency of the bankrupt FTX exchange, has experienced a significant price surge as rumors circulate about potential bankruptcy distributions.
On September 29, FTT saw a sharp increase of over 70%, reaching a multimonth high of $2.70, its highest level since March 2024, according to CoinGecko. The token, which had been trading around $1.40 for the past month, saw a dramatic rise in daily returns before dropping back to approximately $2.10 by September 30, still marking a 30% gain over the previous 24 hours.
Speculation Fuels FTT’s Surge The rally in FTT’s price followed widespread social media rumors suggesting that the FTX bankruptcy estate might begin distributing funds to creditors and customers on September 30.
However, official documents from the Chapter 11 bankruptcy filing reveal that the distribution plan has not yet been approved. A court hearing is scheduled for October 7 to determine whether the plan will move forward.
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If approved, the bankruptcy trustee is expected to start paying creditors with claims under $50,000 by the end of 2024, while those with larger claims may need to wait until the first or second quarter of 2025 for payouts.
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