Former FTX CEO Supports FTX Token Reissue

Ran Neuner, the founder of the Crypto Banter cryptocurrency media community and CNBC columnist for Crypto Trader, proposed the idea of restoring confidence in FTT, the native token of the FTX exchange, through its re-issuance. The former CEO of the American cryptocurrency exchange, Sam Bankman-Fried, supported such an idea and believes that it should be implemented.

Neuner believes that with the restart of the utility token of the FTX exchange, it is worth distributing it to creditors and account holders. However, he came up with an idea to restore trust among FTX customers. According to him, all 100% of the profits should be sent to the accounts of the holders of the new utility token. In this way, he can not only restore trust, but also unite all FTX users.

After such discussions, the token quickly reacted to what happened and was able to almost reach the $2 mark, stopping at $1.90. Prior to this, the cost of the token was $1.33.

Lucas Nuzzi, Head of R&D at Coin Metrics, reported on the recorded transfer of FTT tokens from the FTX exchange to Alameda Research addresses. It could be an act of "significant financial assistance" that the company needed, he said.

Nansen analysts determined that about 86% of such tokens were initially under the direct control of the American cryptocurrency exchange and its associated firm Alameda Research. They came to these conclusions after analyzing on-chain data.

After FTX had difficulty withdrawing customer funds, Changpeng Zhao, CEO of Binance sent FTT prices into a steep spike. To do this, he exited the FTX portfolio investment and got rid of FTT tokens.

He explained his actions with revelations. He did not name which ones, however, it can be assumed that at that time it was about the CoinDesk investigation. Journalists and analysts from the aforementioned publication during their research found too close a connection between FTX and Alameda Research, which was owned by Sam Bankman-Fried.