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FTX Claims Portal Quickly Goes Dark But FTT Still Pumps

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An FTX claims portal went down soon after launch,
An FTX claims portal went down soon after launch,

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An FTX claims portal that launched on Tuesday quickly went down, but that wasn’t enough to stop its native FTT token from surging.

The altcoin spiked on the news before paring some gains after the bankrupt company’s claims portal went dark, but it is still up 24% in the last 24 hours. Trading volume surged more than 700% to $102 million.

FTX portal collapse

Before it went dark, the portal said users could access account balances as of Nov. 11, 2022, the day FTX filed for bankruptcy in the US, CoinTelegraph reported.

Bankrupt FTX Claims Portal Unavailable Shortly After Launch

The developments followed a tweeted announcement by @sunil_trades, an FTX creditor activist and a champion for the platform’s do-over, FTX2.0:

The defunct firm revealed in June plans to launch an online portal for customer claims amid ongoing bankruptcy proceedings in Delaware court.


Sunil shared the login page, articulating that September 23 would be the last day for customers to lay claims. Other directives included customers selecting the same platform they were using, either or FTX EU.

Also, there was guidance for customers whose fiat withdrawals were processed or completed but never sent by the exchange. According to Sunil, this cohort would need to file proof of claims and evidence that they never actually received the funds.

As promising as it all sounded, the bubble burst soon after when the portal collapsed, with Sunil citing network overload.

Still, the FTX token took the portal’s failure in its stride and largely held on to early gains.

FTX CoinMarketCap
Source: CoinMarketCap

FTX Token FTT Price Spikes, Will Crypto Prices Benefit Across The Industry?

At the time of writing, FTT is auctioning at $1.65, a weekly rise of 7% and up almost 105% over the last month. Momentum indicators point to a hyped-up market, with the north presenting as the path with the last resistance.

FTX token price has remained bullish since mid-June, sustaining above an uptrend line. The confluence of this ascending trendline with the 200-day Simple Moving Average (SMA) at $1.38 offers stronger support. The Relative Strength Index (RSI) position at 60 suggests there was more room for the upside. This is before hitting 70, where FTT would be considered overbought. The histograms of the Moving Average Convergence Divergence (MACD) were also fading, indicating that bears were losing grip in favor of bulls.

With the two momentum indicators favoring the bullish thesis, the FTX token price could record a fresh increase. An increase in buyer momentum above current levels could see the altcoin reclaim the June 30 highs at $2.45. This move, marking a highly bullish case, would denote a 50% climb.

FTX token price FTT
TradingView: FTT/USDT 1-Day Chart

Conversely, early profit-taking could interrupt the rally, causing a pullback toward the immediate $1.37 support. The ensuing selling pressure could see FTT tag the 200-day SMA or the 50-day SMA in the dire case.

FTT Alternative

For those fearing a quick pullback in FTT, CHMPZ may be a promising alternative to consider.

The Chimpzee project empowers users to positively impact the environment by saving animals and earning an income in the process. The project has collaborated with several organizations, including The Giving Block, OneTreePlanted, and Wild, in a shared vision to save the environment and animals from extinction.

Join the seventh stage of the CHMPZ presale to enjoy discounted rates in the Gold stages. One token currently auctions for $0.0007, meaning you get up to 1,429 CHMPZ tokens at just 1 USDT.

This positions you for a 165% profit upon listing. It is worth mentioning that Chimpzee features among the hottest new cryptocurrency releases. Buy CHMPZ before listing.

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