FTT

FTX Token

Sam Bankman-Fried has once again taken to social media from prison, laying out what he describes as “10 myths” surrounding the collapse of crypto exchange FTX and his subsequent conviction. The former chief executive used the statement to challenge prosecutors, the bankruptcy process, media coverage, and even the conduct of his trial. Sam Bankman-Fried Denies FTX Insolvency Bankman-Fried began by disputing the allegation that FTX was insolvent and that $8 billion in customer funds vanished. He contrasted statements made by prosecutors to jurors with representations made by bankruptcy debtors to the court, and that his claim of solvency was false and that he had lost billions in customer money. Media reports, he said, reinforced the message that the funds were gone. In his version of events, however, FTX was solvent and is now repaying customers between 119% and 143% of their claims. Bankman-Fried also rejected persistent rumors about a lavish corporate culture. Addressing allegations of “polycule orgies,” Bankman-Fried flatly denied that such conduct took place. He insisted he did not party or take vacations, noting that while FTX owned a penthouse, he personally rented only 10% of it for six months for $50,000. He maintained that his personal spending and political donations were funded from his earnings and were less than those earnings. Secret ‘Backdoor’ For Alameda On the events leading to FTX’s bankruptcy, Bankman-Fried pushed back against the narrative that he filed because he could not meet surging withdrawal demands. According to him, there were offers to cover the liquidity shortfall and stabilize the platform. He claimed that within three days, financing proposals were on the table and withdrawals had begun to resume, but that lawyers nonetheless proceeded with the bankruptcy filing. The former FTX CEO also addressed the structure of the exchange’s trading platform, Alameda Research , saying it was unrealistic to expect a margin exchange to be fully liquid at all times. Margin trading, he explained, involves customers — including Alameda Research — opting into lending and borrowing through a shared collateral pool. He asserted that most assets on the exchange were part of this lending program and that FTX had sufficient liquidity to cover assets outside of it. Another key accusation he disputed was that he created a secret “backdoor” in FTX’s systems to siphon funds to Alameda. Bankman-Fried denied that such a mechanism existed, saying the account features in question had legitimate purposes and were not used to allow Alameda to borrow more from customers than it had lent. Pardon Hopes Fade A significant portion of his statement focused on his trial. Bankman-Fried claimed he did not receive a fair hearing, arguing that once the Department of Justice (DOJ) under former President Joe Biden and the bankruptcy debtors took control of FTX, they controlled the narrative, access to documents, and the pool of witnesses. Bankman-Fried also accused Judge Lewis Kaplan of restricting his ability to defend himself, including imposing a gag order, revoking his bail before trial, excluding evidence related to FTX’s solvency, and advice of counsel. Regarding the revocation of his bail, Bankman-Fried maintained that it stemmed from his exercise of First Amendment rights and attempts to assist the bankruptcy debtors, rather than from witness intimidation. The statement comes as Bankman-Fried continues to pursue a new trial in New York. Speculation that he might receive a presidential pardon from President Donald Trump — similar to the one granted to former Binance CEO Changpeng Zhao — has largely faded. Featured image from OpenArt, chart from TradingView.com

SBF submitted a new witness statement from prison accusing the DOJ: Former FTX employee Chapsky claims the company was solvent. FTT in downtrend at $0.33, S1 $0.3305 strong support. Legal developme...

Sam Bankman‑Fried, the co-founder and former chief executive of collapsed cryptocurrency exchange FTX, has filed a request for a new trial in New York on Tuesday, arguing that fresh witness testimony could undermine the government’s case against him. Bid To Revive FTX Trial As reported by Bloomberg, the motion, dated February 5 and entered into the docket on Tuesday in Manhattan federal court, was submitted pro se, meaning Bankman‑Fried is acting on his own behalf rather than through legal counsel. In the filing, Bankman‑Fried contends that testimony from new witnesses could challenge key aspects of the prosecution’s narrative and potentially cast doubt on the verdict. He argues that this evidence was not previously presented and could materially affect the outcome of the case. The motion does not replace his ongoing appeal but represents an additional attempt to reopen the proceedings. The request follows comments Bankman‑Fried made earlier on Tuesday on social media in which he again disputed the legitimacy of FTX’s bankruptcy. Bankman‑Fried Denies Insolvency Issues From prison, he has increasingly advanced the argument that the company’s collapse was driven by legal and financial maneuvering rather than criminal wrongdoing. He claimed that FTX was not insolvent and said he never authorized a bankruptcy filing, alleging instead that lawyers assumed control of the company and quickly initiated bankruptcy proceedings for their own financial benefit. Bankman‑Fried was convicted on all seven counts he faced, including fraud, conspiracy, and money laundering, in the case United States v. Bankman‑Fried. On March 28, 2024, the court sentenced him to 25 years in federal prison and ordered him to forfeit approximately $11 billion, reflecting the scale of losses tied to the collapse of FTX. Featured image from OpenArt, chart from TradingView.com

Sam Bankman-Fried (SBF) used a new X thread on Feb. 9 to reframe his criminal case as “Biden’s political lawfare,” positioning himself alongside Donald Trump and former FTX executive Ryan Salame in what read like a direct appeal for a future pardon. “Biden’s lawfare machine threw bogus charges at me, Donald Trump, Ryan Salame , etc.,” Bankman-Fried wrote . “To make the charges stick, they prevented us from even being allowed to respond.” He opened with a blunt claim about process rather than facts: “Rule No. 1 of Biden’s political lawfare: Don’t let them present evidence.” SBF Cries ‘Gagged Trial,’ Claims DOJ Hid Evidence SBF’s argument hinges on the idea that authorities and the court curtailed what the jury could hear. He repeatedly singled out Judge Lewis Kaplan, who presided over his trial, claiming the court “rubber-stamped everything Biden’s DOJ wanted” and “made sure I couldn’t show the jury the truth.” The “truth,” as SBF cast it, is a solvency narrative: “So they lied, said I stole billions of dollars and bankrupted FTX. But the money was always there and FTX was always solvent.” He also argued that restrictions prevented him from advancing that line at trial, writing that he was “prohibited” from “pointing out FTX was solvent ” and from “even mentioning lawyers.” In the thread, SBF linked to a court filing he said was authored by his prosecutor, “Sassoon,” describing it as “a 70-page document on all the evidence they didn’t want the jury to see,” and he framed the episode as part of a broader political effort to “silence the truth.” A significant chunk of the thread is dedicated to Trump’s New York hush-money bookkeeping case, which Bankman-Fried portrayed as a routine classification dispute blown into criminality. “Charged him with 34 crimes over his bookkeeping of an NDA expense—should it be legal, campaign, or personal?,” he wrote. “These questions come up all the time when you’re running a business, and it’s often unclear.” He then drew a parallel between court-imposed limits on Trump and his own pre-trial detention. “They then got the judge to impose a gag order on Donald Trump,” he wrote. “Biden’s DOJ silenced me, too—getting Judge Kaplan to gag and then jail me before trial. President Trump also had Kaplan as a judge.” Bankman-Fried also amplified Salame’s complaints about licensing advice and charging decisions, alleging prosecutors leaned on pressure tactics to force a plea, including claims involving Salame’s fiancée, assertions presented as fact in the thread but not accompanied by supporting documentation beyond links to Salame’s posts. The reaction underneath was unsparing, with multiple industry figures interpreting the thread less as a legal critique than a political pitch. “You’re a Delusional criminal who is now angling for a pardon,” wrote trader Bob Loukas. Attorney Ariel Givner was even more direct: “We GET it. You want a pardon from Trump .” At press time, FTT traded at $0.3021.

BitcoinWorld Backpack Token TGE Reveals Ambitious 25% Supply Unlock Strategy for Community Rewards In a significant development for cryptocurrency exchange tokens, Backpack has announced a substantial 25% token supply unlock at its upcoming Token Generation Event, marking a pivotal moment for exchange-based digital assets and their community distribution models. The exchange revealed this strategic allocation through its official communication channels, detailing specific percentages for different user groups within its ecosystem. This announcement comes during a period of increased regulatory scrutiny and evolving market expectations for transparent token distribution practices across the cryptocurrency industry. Backpack Token TGE Strategy and Initial Allocation Breakdown Backpack’s approach to its Token Generation Event represents a deliberate departure from conventional exchange token launches. The company will release 25% of its total token supply immediately at the TGE, a percentage that industry analysts note is substantially higher than typical initial circulating supplies. According to the announcement, this initial allocation divides into two primary categories: 24% for points holders and 1% for holders of Mad Lads NFTs. This distribution model emphasizes rewarding existing platform participants rather than reserving large portions for private investors or team allocations. The cryptocurrency exchange has not yet disclosed the exact launch date for its token, maintaining anticipation within the community. CEO Armani Ferrante explained that Backpack will reveal its complete tokenomics in stages as the TGE approaches. This phased disclosure strategy allows for community feedback and market adaptation. Ferrante emphasized that the token will distinguish itself from existing exchange tokens through unique distribution mechanisms, utility features, and functional applications. He even suggested the token might require a completely new naming convention to reflect its innovative characteristics. Comparative Analysis of Exchange Token Distribution Models To understand Backpack’s approach, we must examine how other major exchanges have structured their token launches. The table below illustrates key differences in initial circulating supply percentages across prominent exchange tokens: Exchange Token Initial Circulating Supply Primary Allocation Year of Launch Backpack Token 25% Community Rewards 2025 (Upcoming) Binance Coin (BNB) Approximately 10% ICO Participants 2017 FTX Token (FTT) Approximately 7% Private Sale 2019 Crypto.com Token (CRO) Approximately 15% Public Sale 2018 KuCoin Token (KCS) Approximately 8% Public Sale 2017 This comparative data reveals Backpack’s more aggressive initial distribution strategy. The exchange appears focused on achieving wider token dispersion from the outset. Industry experts note that higher initial circulating supplies can potentially reduce sell pressure from future unlocks, though they also present immediate liquidity challenges. The emphasis on points holders suggests Backpack prioritizes rewarding active platform users over speculative investors. Points System Integration and Community Reward Mechanisms Backpack’s allocation of 24% to points holders represents a sophisticated loyalty program integration. The exchange has operated a points system that tracks user activity, trading volume, and platform engagement. This system now serves as the primary distribution mechanism for the majority of initial tokens. Such an approach aligns with broader industry trends toward activity-based rewards rather than simple purchase-based allocations. The points-to-token conversion mechanism remains unspecified, but cryptocurrency analysts anticipate several potential models: Proportional Distribution: Tokens allocated based on points accumulated relative to total points across all users Tiered Rewards: Different conversion rates for various points thresholds or user levels Time-Weighted Points: Greater weight given to points earned during specific periods or through particular activities Multiplier Systems: Bonus tokens for users who maintain points above certain minimums or achieve specific milestones This focus on existing users creates immediate utility for the token within Backpack’s ecosystem. Furthermore, it establishes a foundation for network effects as token holders naturally become more engaged platform participants. The strategy demonstrates an understanding of token economics that prioritizes organic adoption over speculative trading patterns. Mad Lads NFT Integration and Digital Collectible Synergy The allocation of 1% to Mad Lads NFT holders represents a strategic bridge between digital collectibles and exchange utility tokens. Mad Lads, a Solana-based NFT collection, has established significant cultural cachet within the cryptocurrency community. This allocation creates several important synergies: Cross-Community Engagement: Bringing NFT collectors into the exchange ecosystem Cultural Alignment: Leveraging existing community strength and brand recognition Utility Expansion: Providing additional functionality and value to NFT holdings Innovation Signaling: Demonstrating Backpack’s commitment to integrating diverse crypto-native assets This approach follows successful precedents where NFT holdings granted access to token airdrops or special allocations. However, Backpack’s explicit percentage allocation provides greater transparency than many previous implementations. The fixed 1% allocation ensures predictability for both NFT holders and points participants, reducing uncertainty about dilution effects. Tokenomics Philosophy and Industry Context Armani Ferrante’s comments about the token requiring “a new name” suggest fundamental innovation in token design. Traditional exchange tokens typically serve several standard functions: trading fee discounts, staking rewards, participation in token sales, and governance rights. Backpack appears to be developing additional or alternative utilities that might include: Enhanced Security Features: Token-based authentication or withdrawal verification Advanced Trading Tools: Access to proprietary analytics or execution algorithms Cross-Platform Integration: Utility across multiple Backpack products or partner services Novel Governance Models: Innovative voting mechanisms or proposal systems The cryptocurrency industry has evolved significantly since the first exchange token launches. Regulatory developments, particularly regarding securities classification, have influenced token design. Additionally, market maturity has created demand for tokens with genuine utility rather than purely speculative value. Backpack’s staged tokenomics reveal suggests careful consideration of these evolving factors. Industry analysts note that successful exchange tokens typically balance several competing priorities: User Incentives: Rewarding platform engagement and loyalty Ecosystem Growth: Funding development and expansion Value Accrual: Creating sustainable token appreciation mechanisms Regulatory Compliance: Adhering to evolving legal frameworks across jurisdictions Market Stability: Avoiding excessive volatility from concentrated holdings or sudden unlocks Backpack’s initial allocation strategy addresses the first priority directly while establishing foundations for the others. The substantial community allocation reduces concentration risk, while the NFT integration creates cultural momentum. The remaining 75% of tokens will presumably follow unlock schedules that support long-term ecosystem development. Market Implications and Future Developments The announcement arrives during a period of renewed interest in exchange tokens as cryptocurrency markets demonstrate recovery from previous downturns. Several factors make Backpack’s timing strategically significant: Regulatory Clarity: Increasing definition around what constitutes compliant token offerings Infrastructure Maturation: More sophisticated tools for managing token economics and distributions Community Expectations: Higher standards for transparency and fair distribution Competitive Landscape: Need to differentiate from established exchange tokens with novel features The cryptocurrency industry continues evolving toward more sophisticated token models that balance incentive alignment, regulatory compliance, and sustainable economics. Backpack’s approach appears designed for this mature environment rather than replicating earlier, simpler models. The emphasis on existing users through points and NFT allocations suggests recognition that organic adoption drives longer-term success than speculative interest alone. As the TGE approaches, several key developments will merit attention: The specific conversion mechanism for points to tokens The unlock schedule for the remaining 75% of tokens Additional utility features beyond standard exchange token functions Governance structures and community participation mechanisms Integration with Backpack’s existing and planned product offerings These elements will determine whether Backpack’s token achieves its potential as a distinctive addition to the exchange token landscape. The company’s commitment to phased disclosure suggests careful planning and responsiveness to community feedback during the final development stages. Conclusion Backpack’s Token Generation Event strategy represents a thoughtful approach to exchange token design in an evolving cryptocurrency landscape. The decision to unlock 25% of supply at launch, with overwhelming emphasis on rewarding existing community members through points and NFT allocations, demonstrates commitment to user-centric distribution. This Backpack token TGE approach contrasts with earlier exchange token models that prioritized fundraising over community building. As the company reveals additional tokenomics details in coming weeks, the industry will gain clearer understanding of how this token might redefine utility and value accrual for exchange-based digital assets. The integration of Mad Lads NFTs further illustrates innovative thinking about cross-community engagement in cryptocurrency ecosystems. FAQs Q1: What percentage of Backpack’s token supply will unlock at the Token Generation Event? Backpack will unlock 25% of its total token supply at the upcoming Token Generation Event. This initial circulating supply represents a significant portion compared to many previous exchange token launches. Q2: How will the initial token allocation be distributed among different groups? The allocation divides into two primary categories: 24% for points holders and 1% for Mad Lads NFT owners. This distribution emphasizes rewarding existing community members rather than reserving large portions for private investors. Q3: What is the significance of allocating tokens to Mad Lads NFT holders? This allocation creates synergy between digital collectibles and utility tokens, bringing NFT communities into the exchange ecosystem. It also provides additional utility to NFT holdings while leveraging existing cultural momentum within the cryptocurrency space. Q4: When will Backpack launch its token? The exchange has not yet disclosed the exact launch date for its token. CEO Armani Ferrante indicated that Backpack will reveal its complete tokenomics in stages as the Token Generation Event approaches. Q5: How does Backpack’s token distribution compare to other exchange tokens? Backpack’s 25% initial circulating supply is substantially higher than typical exchange token launches, which often range from 7-15%. This suggests greater emphasis on immediate community distribution rather than extended unlock schedules that can create future sell pressure. This post Backpack Token TGE Reveals Ambitious 25% Supply Unlock Strategy for Community Rewards first appeared on BitcoinWorld .

The former CEO of Alameda Research, Caroline Ellison, was released from federal prison on Wednesday after completing her federal supervision. Court documents revealed that she has been moved from federal prison to the post-release supervision phase. Ellison had settled an agreement with regulators the previous year after being transferred from a Connecticut prison to home confinement in October. She is also required to comply with multiple post-sentence regulatory restrictions after completing her sentence. SEC bars Ellison from holding any executive positions for 10 years THE $571 MILLION PER MONTH DISCOUNT Caroline Ellison helped vaporize $8 billion. She’s walking free January 21st. Time served: 14 months. That’s $571 million in customer losses per month of custody. Here is the math that should terrify every white-collar defendant in… pic.twitter.com/WxDH12lTCc — Shanaka Anslem Perera ⚡ (@shanaka86) December 26, 2025 The U.S. Securities and Exchange Commission issued a 10-year prohibition against Ellison serving in any executive positions at any digital asset exchange or any publicly traded firm. The prohibition follows her involvement in legal proceedings related to her previous roles at the defunct FTX crypto company. Other executives, including Zixiao Wang, former CTO of FTX Trading, and Nishad Singh, former Co-Head of engineering at FTX, both agreed on a settlement with the SEC. They have also been prohibited from being officers or directors of any public company for several years. An SEC document filed in December in the U.S. District Court for the Southern District of New York revealed that Ellison agreed to a 10-year officer-and-director bar. Wang and Singh both agreed to an eight-year bar. The filing also indicated that Ellison, Wang, and Singh agreed to the Commission’s antifraud allegations and to a 5-year conduct-based injunction. Ellison’s release comes 10 months earlier than her full sentence of two years, which began in November 2024. She pleaded guilty in December 2022 to fraud and conspiracy charges linked to FTX. The former executive was sentenced in September 2024, and U.S. District Judge Lewis Kaplan ordered her to forfeit $11 billion. Ellison’s early release follows her good conduct in prison, where she is said to have cooperated with authorities investigating FTX. She had previously testified against FTX founder Sam Bankman-Fried, which led to a 25-year conviction in federal prison. CEO of the FTX bankruptcy estate, John J-Ray III, acknowledged that Ellison has provided the debtors with valuable assistance and cooperation. He also revealed that her cooperation led to the recovery of hundreds of millions of dollars for the Debtor, benefiting creditors. SEC orders Sam Bankman-Fried to remain in federal prison Ellison’s release marks the final stage in the legal process involving the FTX and Alameda Research executives involved in the 2022 collapse of the digital asset exchange. Bankman-Fried had appealed in November that his fraud conviction and 25-year prison sentence should be scrapped due to an unfair trial. A three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan found Bankman-Fried guilty of seven charges in the 2023 FTX case. The court issued a notice for the former FTX CEO to remain in federal prison on fraud charges. The judges agreed that the evidence presented at trial, including witness testimony and troves of FTX documents, proved the former executive’s guilt. Cryptopolitan also previously reported that U.S. President Donald Trump revealed earlier this year that he has no intentions of pardoning Bankman-Fried. Investigations revealed that FTX Co-Founder Sam Bankman-Fried operated a scheme that manipulated the price of the firm’s security token, FTT, by purchasing large quantities on the open market to prop up its price. The SEC also revealed that the crypto hedge fund owned by Wang and Bankman-Fried and run by Ellison used FTT as collateral for undisclosed loans. The initiative allegedly caused Alameda’s balance sheet to be overstated, misleading investors about the company’s risk exposure. Ellison and Wang were tied to the scheme as active participants trying to deceive FTX’s investors. Wang was accused of developing the FTX software code that allowed Alameda to divert customer funds. Ellison was accused of misappropriating FTX funds for Alameda’s trading activities. Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.

FTT Token has surged 17% in a single day after rebounding from a long-standing support level. This move is attracting attention from traders anticipating a breakout similar to recent LUNA and LUNC rallies. FTT Price Rebounds Sharply From Falling Wedge Support FTX Token (FTT) reco...

Proof of reserves (PoR) in the cryptocurrency industry verifies that exchanges hold sufficient assets to cover customer deposits, enhancing transparency and trust post-FTX collapse. Major platforms now issue monthly attestations