The post FTT Price Surge – Michael van de Poppe Wouldn’t Recommend Buying $FTT Token – Here’s Why appeared first on Coinpedia Fintech News
The bankrupt cryptocurrency exchange FTX is exploring the possibility of reopening its business, according to its attorney from Sullivan & Cromwell. The lead attorney, Andy Dietderich, revealed during a court hearing on Wednesday that restarting the exchange was one of many options being considered for the future of the company.
Options for Customers
Dietderich also mentioned that there is a possibility that customers could receive an interest in the exchange going forward instead of receiving their proceeds in cash from the estate.
“There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward,” he said.
Is FTT A Risky Investment?
Following the announcement, FTX’s native coin, FTT, surged nearly 100% in the past 24 hours to trade around $2.32 on Thursday. However, FTT is still down over 97% from its all-time high of around $84.18 achieved in late 2021. While the recent surge may have rejuvenated hopes of further rallying, crypto analyst Michael van de Poppe warns that purchasing FTT coins currently is extremely risky for crypto traders, as he believes the pump could be a bear trap.
FTX’s current CEO, John J. Ray III, has been working hard to recover as much funds as possible. The exchange has reportedly recovered about $7.3 billion in liquid assets so far, but this is far from the alleged $32 billion squandered by SBF and other officials.
Additionally, a Swiss court has granted FTX a moratorium to explore the sale of its European arm, FTX Europe AG.
Do you agree with Michael van de Poppe’s warning about investing in FTT coins?