FTX's token FTT surged 17% in the last 24 hours, baffling traders as bankruptcy proceedings continue and unlocked tokens re-enter circulation. As of Sept. 18, the token traded at around $0.93, up more than 17% in the past 24 hours.
Notably, the token has no utility as of now. Interestingly, most of the trading volume is coming from centralized exchanges like Binance, Toolbit, Pionex and Bitget.
A collapsed exchange, a ghost token
FTX was once one of the largest global exchanges, offering futures, leveraged tokens and OTC trading.
But in November 2022, after a liquidity crisis and revelations about misused customer funds, the company froze withdrawals on Nov. 10 and filed for Chapter 11 bankruptcy the following day, alongside 130 affiliated firms.
Sam Bankman-Fried (SBF) , the former CEO of collapsed exchange FTX, was sentenced in March 2024 to 25 years in federal prison for orchestrating one of the largest financial frauds in U.S. history. Prosecutors accused him of stealing billions in customer deposits to fund political donations, real estate purchases and risky bets at his hedge fund, Alameda Research.
The verdict followed his November 2023 conviction on seven counts of fraud and conspiracy after a high-profile trial in New York. Several close associates — including former Alameda CEO Caroline Ellison — testified against him.
Judge Lewis Kaplan, who handed down the sentence, said SBF had shown a "remarkable lack of remorse" for his actions. Alongside prison time, he was ordered to forfeit $14 billion Chapter 11 reogranization plan to help repay victims.
FTX's mystery rally
FTT's latest rally pushed prices as high as $1.13 on Sept. 18 before retracing.
Over the past seven days, the token has traded between $0.78 and $1.06. Its all-time high of $84.18, set in September 2021, is now nearly 99% below current levels.
Related: FTX Among the Least Liked Companies in America, Survey Finds
This story was originally reported by TheStreet on Sep 18, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
