FTX token (FTT) is facing a significant drop, hitting its lowest point of the year at $1.18, down by 6%. The coin’s value has plummeted more than 98% from its all-time high of $85.02. This latest decline is mainly linked to the trial of Sam Bankman-Fried (SBF), the founder of FTX, who was found guilty on all seven counts of fraud charges brought by the Department of Justice. These charges include conspiracy to commit wire fraud and political fraud.
His conviction came after weeks of trial, during which former associates testified against him, accusing him of engaging in fraudulent activities that resulted in substantial financial losses for FTX. Bankman-Fried’s legal defense aims to argue that he did not intend to defraud his customers or investors.
The negative sentiment surrounding FTX’s token, FTT, began in November when the FTX Derivatives Exchange filed for bankruptcy. This development caused the market to lose faith in FTT, trading at an all-time high of $85.02.
The FTT token has seen a range of price movements in the past 24 hours, with its value reaching a low of $1.16 and a high of $1.32. The token opened at $1.25 and experienced a 24-hour change of 0.017, indicating daily fluctuations. Looking at its performance over the year, FTT’s 52-week low was at $0.77, and its high reached $25.86. While it has experienced fluctuations, the all-time high for FTT was $84.18.
Despite all this, there may still be hope for FTT and FTX under new management, as the trading platform aims to recover over $7 billion in lost funds and potentially rebrand itself. This effort could reshape the future of the exchange and FTT, offering a fresh start after significant challenges.