FTX Claims Portal Quickly Goes Dark But FTT Still Pumps

Updated: 12 July 2023

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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.

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.

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Wondering what happened to FTX?

Well, let me give you a quick recap. FTX, once a big crypto exchange, experienced a sudden collapse in late 2022.

The mastermind behind it all, @SBF_FTX, was caught using customer deposits to patch up the holes in Alameda Research pic.twitter.com/dpCClWKzap

— Axel Bitblaze 🪓 (@Axel_bitblaze69) July 11, 2023

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:

Customer Claims portal is live https://t.co/ymtbrvT3eF

Select platform to proceed: https://t.co/vW9S9i3Cxy , https://t.co/gZZ85SJX7r, Blockfolio, FTX EU, FTX JP, Liquid pic.twitter.com/Crhe8lMNhp

— Sunil (FTX Creditor Champion) (@sunil_trades) July 11, 2023

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

The FTX Debtors’ “Customer Bar Date” has been set for September 29, 2023 at 4 PM ET. To streamline the process for customers, the FTX Debtors are finalizing an online claims portal at https://t.co/DkYi2hDLbI. FTX Debtors will announce when the portal is active.

— FTX (@FTX_Official) June 28, 2023

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 FTX.com 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.

Down temporarily as overloaded

— Sunil (FTX Creditor Champion) (@sunil_trades) July 11, 2023

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.

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