$FTT or the token behind one of the biggest financial crimes in history.
It was a scam, and a big one. This isn't speculation; it's a fact confirmed by the American justice system.
The FTT was the token of the FTX exchange, founded by Sam Bankman-Fried, known as SBF. In January 2022, the company was valued at $32 billion. It had celebrities as ambassadors, sponsored sports arenas, and was seen as the future of digital finance.
Behind this facade, SBF orchestrated a scheme to siphon client funds from FTX to Alameda Research, his private hedge fund, while raising over $1.8 billion from investors.
Source: CoinMarketCap
The collapse began in November 2022 when CoinDesk published an article revealing that Alameda Research held a disproportionate amount of FTT tokens. This triggered a bank run on FTX that the exchange couldn't honor. Source: CoinMarketCap
Sam Bankman-Fried was convicted and sentenced to 25 years in prison. Billions in client funds evaporated. The FTT crashed from $80 to nearly zero in days. CoinMarketCap
So why does the token still exist and is climbing today?
Because in the crypto market, memory is short and speculation is eternal. The FTT still has liquidity, it's still trading on Binance, and whenever the market heats up, there are folks betting on a comeback narrative.
The token rose 31% today. This is real. But anyone buying FTT needs to understand what they're getting into. It's not a project with a future. It's an orphan token from a failed company whose founder is locked up for fraud.
Pure speculation. No fundamentals. No project. No team.
#FTT #SBF #CryptoHistory #BinanceSquare #golpe