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FTX Token slumps into abyss as Sam Bankman-Fried gets arrested

FTX Token slumps into abyss as Sam Bankman-Fried gets arrested

Upon the news that the founder of the collapsed crypto trading platform FTX has been arrested, many cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) included, are recording modest gains, whereas FTX Token (FTT), the native token of the crypto derivatives trading platform, keeps losing ground.

Indeed, after all the major media reported on Sam Bankman-Fried’s arrest in the Bahamas, the native token of his crypto exchange has been recording continuous losses, declining 8.44% on the day and going further down, as per data retrieved on December 13.

FTX Token 24-hour price chart. Source: Finbold

Losses continue to stack up

The recent price drop is adding up to the cumulative 3.26% loss across the week and 28.5% decline on FTT’s monthly chart, while its price at press time stands at $1.36, with a market capitalization of $448.20 million, making FTX token the 209th-largest crypto asset by total worth.

As a reminder, the United States attorney for the Southern District of New York shared a sealed indictment against Bankman-Fried with the government of the Bahamas, after which the former FTX CEO was arrested, as CNBC reported on December 12.

Growing number of FTT holders despite controversy

Earlier, multiple people in the crypto sphere and beyond criticized FTX and SBF, including Robert Kiyosaki, author of the personal finance bookRich Dad Poor Dad,” Dogecoin (DOGE) creator Billy Markus, and Binance CEO Changpeng Zhao (CZ), while FTX’s paid advocate Kevin O’Leary lost $9 million in crypto due to the collapse.

Interestingly, despite the controversy and numerous warnings, the number of FTT holders has recorded steady growth since November, at press time amounting to 25,412 holding addresses, according to the CoinMarketCap data retrieved on December 13.

Number of FTT holders over 3 months. Source: CoinMarketCap

This means that, since November 1, right at the beginning of the saga surrounding the now-bankrupt platform, the number of crypto wallets holding the FTX Token has increased by 19.49% or 4,145 addresses – from 21,267 to the current amount.

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