FXT Token (FTT) plummets after SBF was discovered responsible

• FTX token (FTT) plummets to $1.1579 after founder SBF’s fraud verdict.
• SBF was discovered responsible on all seven counts after a 15-day trial.
• Sam Bankman-Fried sentencing is scheduled for March 28, 2024.

The worth of FXT Token (FTT) has taken a extreme hit, plummeting to its lowest level of the yr at $1.1579, a drop of 8%.

This important decline comes within the wake of the responsible verdict for Sam Bankman-Fried (SBF), the founding father of FTX, which as soon as listed among the many main cryptocurrency exchanges.

Sam Bankman-Fried verdict

The first catalyst for this newest drop is the result of SBF’s trial, the place he was discovered responsible on seven counts associated to fraud and conspiracy. These prices embody conspiracy to commit wire fraud, political fraud, and extra.

The trial in opposition to Sam Bankman-Fried lasted for 15 days, throughout which former associates testified in opposition to him, alleging his involvement in fraudulent actions that resulted in substantial monetary losses for FTX prospects. Whereas SBF’s authorized defence argued that he didn’t have any intent to defraud his prospects or traders, the jury’s verdict spoke in any other case. Sam Bankman-Fried additionally gave his testimony beginning on October 26.

FXT Token (FTT) value

FTT has witnessed a exceptional downfall, with its worth sliding over 98% from its all-time excessive of $85.02.

Up to now 24 hours, FTT’s value has seen fluctuations, starting from a low of $1.16 to a excessive of $1.32. Its 52-week low was recorded at $0.77, and the best level reached $25.86. Nevertheless, the coin has struggled to get well since its all-time excessive.

The unfavourable sentiment surrounding FTT started to emerge in November when the FTX filed for chapter. This occasion considerably eroded market confidence in FTT, which was as soon as buying and selling at an all-time excessive of $85.02.

Regardless of these challenges, there’s a glimmer of hope for FTT and FTX underneath new administration. The trade is striving to get well over $7 billion in misplaced funds and probably rebrand itself. This effort might redefine the way forward for the trade and FTT, providing a recent begin following a interval of great difficulties.