You must have heard the the FTX native token FTT gained over 70% increase because of the news of the company getting revived. Last year and two years ago I was a huge advocate for FTT because of FTX, I used to have some FTT when it was still above $20. I never stopped talking about FTT because I was hugely moved by what FTX was doing. FTX was acquiring companies, paying for partnerships, doing huge promo for the crypto space. Getting investors invest hugely in the company, what FTX was doing was too good to be true and for a second I was scared for Binance because I thought FTX was going to take its spot and climb to being number one on the top crypto exchange space.
Unfortunately the exchange went bankrupt due to misuse of funds, the FTT token whose usecase is tied to the progress of the FTX exchange tanked so bad, lost over 90% of its value. Makes perfect sense right, the token was backed by the progress of the company, so a negative outcome from the company will diminish the value of the token. FTX before its bankruptcy was a good exchange, I used the exchange a lot and I was impressed while using it. This was the reason I was heavily rooting for FTT.
According to rumors or rather crypto media outlets, there might still be possible chances of the crypto exchange getting revived. Some fintech investors might just buy the exchange, pay off some of its debts and get the exchange running again. Even if this happens, are you going to use FTX again? Well, I am not sure I will be using FTX again or trust the exchange with my funds, even though it is expected to be managed by new people. The reason I got interested in FTX was based on the vision Sam BankMan Fried sold to us, I was invested in the exchange’s future, but the future will never come, so why should I bother to use it again?