NFT News by Thebittimes.Com

Disgraced FTX founder Sam Bankman-Fried was arrested on Tuesday by the Bahamas police. SBF could face trial after being extradited to the United States as he faces multiple charges pinned against him. The SEC charged SBF for defrauding investors and carrying out “sophisticated years-long fraud“ . You can read more details about the SEC’s charges against SBF here. Amid all the chaos and uncertainty, FTX ’s native token FTT is taking a hit in the indices since November. Also Read: US Government charges Sam Bankman-Fried with Money Laundering, Fraud Source: Coingecko.com FTX’s FTT Token Down 99% From ATH Source: Tremplin FTX’s FTT token is down 98.4% from its all-time high of $84.18 which it reached in September last year. FTT is down nearly 8% on Tuesday and could slip further to double digits in the next few hours. The token could go down below 99% from its ATH this week after the news of his arrest. Also Read: BNB Falls After ‘Prosecution’ Repo...

‘Moonvember’ dreams were shattered following the dramatic downfall of the FTX empire. Sam Bankman-Fried instigated a downtrend that pushed the price of Bitcoin to mid $15K. A plethora of other crypto currencies followed suit and lost immensely. Exchange tokens, however, topped this list. With no potential in these assets, major whales decided to dump their holdings. A recent chart by on-chain analytics platform, Santiment pointed out how exchange tokens witnessed the biggest price drops over the last week. Following the FTX crash, whales and sharks holding the FTX Token [FTT] decided to dump 30.9 percent. It should be noted that this was done over the last ten days. At the time of publication, FTT was priced at $1.61 with an 8.45 percent daily drop. Over the last week, the asset dipped to a low of $1.25. Source It seems like these whales and sharks were losing trust in other prominent exchanges as well. The scare around Crypto.com enduring the same fate as FTX ...