Sam Bankman-Fried's Legal Drama Boosts Unrelated FTX Coin By 510%
Portfolio Pulse from Mehab Qureshi
The value of a cryptocurrency named HairyPlotterFTX (FTX) surged by 510% following the guilty verdict of FTX founder, Sam Bankman-Fried, on charges of defrauding customers and lenders. Meanwhile, FTX's native token FTT (CRYPTO: FTT) is down 1.20%. Bankman-Fried could face several decades in prison, with sentencing set for March 28, 2024.
November 03, 2023 | 5:54 am
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NEGATIVE IMPACT
At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $34,617.55, down 2.61% in the last 24 hours.
While the news does not directly pertain to Bitcoin, the overall negative sentiment in the crypto market following the FTX legal drama could be contributing to Bitcoin's price decline.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
FTX's native token FTT (CRYPTO: FTT) is down 1.20% following the guilty verdict of FTX founder, Sam Bankman-Fried.
The guilty verdict of FTX founder, Sam Bankman-Fried, has negatively impacted the value of FTX's native token FTT (CRYPTO: FTT), which is down 1.20%. This is likely due to a loss of confidence in the platform following the legal issues.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100