FTT Up By 21% Despite FTX Claims Portal Troubles

FTT Up By 21% Despite FTX Claims Portal Troubles

FTT, the native token of the controversial FTX ecosystem, has been pumping lately. This recent price upswing was triggered by the launch of a customer claims portal, an online platform for customers to access their account information and submit electronic proof of claims in FTX’s restructuring proceedings. 

Although the portal became unavailable barely an hour after launch, the price of FTT has managed to stay afloat, with a 21% increase in the last day.

FTX Claims Portal Goes Offline For Unknown Reasons

Last month, the debtors in FTX’s insolvency case announced that an online claims portal was in the final stages of launch. The portal reportedly went live on Tuesday, July 11, enabling customers of the bankrupt crypto exchange to access their account information.

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The platform – before going offline – said users can access their account balance as of November 11, 2022 – the day FTX filed for bankruptcy in the United States. Then, if required, customers would also be able to submit an electronic proof of claim with the FTX Debtors’ claims and noticing agent (Kroll Restructuring Administration).

However, the claims portal only stayed live for about an hour before going down for unknown reasons. As of this writing, there has been no official statement from FTX addressing the crash.

That said, it is worth noting that customers still have until September 29, 2023, to file a claim. This can be done via alternative means besides the website, like through US mail.

FTT Rallies 21% In A Single Day – Price Overview

After the FTX claims portal went live yesterday, the FTX token (FTT) received a lot of attention from crypto enthusiasts. And the token’s price showed a positive reaction, gaining more than 24% roughly an hour after the launch. 

However, this price surge was short-lived, as the FTT token soon shed a considerable chunk of its early gain. This is understood to be in response to the claims portal going offline.

It is worth noting that FTT has been on a positive run in recent weeks. According to CoinGecko data, the token’s value has increased by nearly 117% in the past month.

That said, it appears that FTT won’t be staying down for long. The cryptocurrency looks set to touch the previous 24-hour high of $1.79 again, with a 6.7% price increase in the last hour.

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As of this writing, the FTT token changes hands at $1.71, with a daily trading volume of about $96.2 million. CoinGecko data shows that the trading volume has swelled by 729.9% in the past day, suggesting massive market activity.

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