VOT Research Desk
Market Analytics and Considerations
The Financial Crimes Inquiry Branch and the Securities Commission of the Bahamas (SCB) are working together to conduct the inquiry. This Sunday FTX proposal of preferential coverage was contested by the SCB. FTT’s price rose to $1.69 after dropping further 30% over night, marking a 94% decrease in a week. The Bahamian government is now focusing on the cryptocurrency exchange as the FTX problem continues.
The FTX issue goes on, with the Bahamian government now targeting the cryptocurrency exchange. On the other hand, when news of $380 million worth of FTT assets entering the market surfaced, its native token, FTT, is potentially painting its second green candle since the collapse.
FTX creates a new foe.
The Bahamian police announced that they would start looking into any suspected criminal activity related to the FTX bankruptcy. The Securities Commission of Bahamas (SCB), that has already been engaging with FTX since Friday, will conduct this probe in tandem with them.
The agency tweeted that, at the SCB’s request, they would start allowing repatriation of Bahamian money. The authorities quickly denied this, stating that they had never advocated such a thing and that they did not support special privileges.
They reacted on Sunday with a considerably more serious statement that said,
“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.” – CNN & Bing
In the midst of this information, reports of FTX printing additional FTT tokens surfaced. Despite the fact that only 133 million FTT tokens were in circulation, it was discovered that almost 196 million FTT tokens had been transferred from the FTX deployer wallet.
This supply has been hypothesized to be the frozen tokens that weren’t meant to be unlocked on November 14 even though no additional tokens were created on command. The unexpected increase in token value of $380 million was caused by this occurrence.
FTT surprises despite negative news
FTT managed to record a slight rebound on November 14 despite the altcoin being surrounded by unfavorable developments. The price of the cryptocurrency, which is currently trading at $1.614, keeps falling every day.
FTT is now very close to the challenge of $1.00 after already falling by 94.17% from the start of the decline (support level). If FTT breaks through this support, its nosedive will persist, leaving the crypto market in a bearish dilemma as well. The persistent decline is impacting both the token and the cryptocurrency market.
