- FTX token (FTT) experiences a sharp decline to $1.1579 after its founder, Sam Bankman-Fried (SBF), is found guilty.
- SBF is convicted on all seven counts after a 15-day trial.
- The sentencing for Sam Bankman-Fried is set for March 28, 2024.
The price of FTX Token (FTT) has plummeted to its lowest level this year, reaching $1.1579, a decrease of 8%.
This significant drop in value is a result of the conviction of Sam Bankman-Fried, the founder of FTX, once listed among the top cryptocurrency exchanges.
Sam Bankman-Fried’s Conviction
The primary trigger for this latest decline is the outcome of SBF’s trial, where he was found guilty on seven counts related to fraud and conspiracy. These charges include conspiracy to commit wire fraud, political fraud, and more.
The trial of Sam Bankman-Fried lasted for 15 days, during which former associates testified against him, alleging his involvement in fraudulent activities that resulted in significant financial losses for FTX customers. While SBF’s legal defense argued that he had no intention to defraud customers or investors, the jury’s verdict suggests otherwise. Sam Bankman-Fried also provided his testimony starting on October 26.
FTX Token (FTT) Price
FTT has experienced a substantial downfall, with its value plunging over 98% from its all-time high of $85.02.
In the past 24 hours, the price of FTT has fluctuated, ranging from a low of $1.16 to a high of $1.32. Its 52-week low was recorded at $0.77, while its highest point reached $25.86. However, the coin has struggled to recover since reaching its all-time high.
Negative sentiment surrounding FTT started to emerge in November when FTX filed for bankruptcy. This event significantly eroded market confidence in FTT, which was previously trading at an all-time high of $85.02.
Despite these challenges, there is hope for FTT and FTX under new management. The exchange is working towards recovering over $7 billion in lost funds and potentially rebranding itself. This effort could redefine the future of the exchange and FTT, offering a fresh start after a period of significant difficulties.