The native token of the collapsed crypto exchange FTX has pumped more than 140% in the past couple of days.
FTT has surged amid a potential restart of the FTX after SEC chairman Gary Gensler said that the exchange could reboot if it follows rules. The SEC chairman stated in a CNBC interview on November 9 that if anyone wants to do it, “do it within the law.”
FTT was trading nearly at $1 for the past couple of months, which has now surpassed $2.8, according to data from Coinmarketcap. FTT’s volume has also recorded significant gains of more than 100%.
The FTX exchange is reportedly to be taken over with interest from several parties, including NYSE president Tom Farley. The potential restart of FTX is also manifested as its founder, Sam Bankman-Fried convicted guilty of fraud charges last week.
“Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures, and also that you’re not commingling all these functions, trading against your customers,” Gensler said in the interview, “or using their crypto assets for your own purposes.”
In November 2022, FTT crashed from $25 to below $2 within days, right after the collapse of the FTX exchange.