"It's not just FTT, but there are other cryptos that are victims of FTX as well, you know."
After going through the bankruptcy process, FTX's lawyers from Sullivan & Cromwell said during a court hearing on Wednesday that management intends to reopen the cryptocurrency exchange company in the second quarter of 2023.
Following that, the price of FTT founded by FTX managed to jump by 105% breaking through the level of $2.80 in the last 24 hours.
Although FTX's lawyers have yet to present an official recovery plan that would require them to submit it to the court for approval, the news is still driving FTT prices higher.
That streak, investors are wondering to themselves whether cryptos like Solana (SOL), Cronos (CRO), Nexo and Near will also take off after the digital assets suffered huge losses due to being linked to FTX.
In response to the following question, the price of SOL was found to have increased by 5.60% to reach $23.79 in the last 24 hours and Near recorded a gain of 10.63% at $2.19 while Cronos and Nexo gained 1%.
Please note that the FTX reorganization plan that will be presented in July may push the FTT price further until it reaches its peak again.
Even so, some crypto investors still do not believe in the potential of FTX and recently Sam Bankman-Fried (SBF) joked with his associates about wasting and losing track of crypto funds up to $50 million.